"US President Donald Trump has pardoned Changpeng Zhao, founder of the giant Binance cryptocurrency exchange, who was convicted of violating the United States' money-laundering laws. In a statement on Thursday, White House press secretary Karoline Leavitt said Trump had exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency."
"Zhao, a citizen of Canada who was born in China, was released from prison last year after receiving a four-month sentence for violating the Bank Secrecy Act. He was the first person ever sentenced to prison time for such violations of that law, which requires US financial institutions to know who their customers are, to monitor transactions, and to file reports of suspicious activity. Prosecutors said no one had ever violated the regulations to the extent that Zhao did."
Donald Trump issued a presidential pardon for Changpeng Zhao, founder of Binance, wiping his federal money‑laundering conviction. White House press secretary Karoline Leavitt said Trump exercised constitutional authority to grant the pardon; prosecutors had pursued Zhao during the Biden administration. Zhao posted gratitude on X and pledged to help make America the 'Capital of Crypto.' Zhao stepped down as Binance chief in 2023 after the company pleaded guilty to failing to maintain an effective anti‑money laundering programme and paid a $4.3m penalty. Zhao, a Canadian citizen born in China, served a four‑month sentence for violating the Bank Secrecy Act, the first person imprisoned under that law. Prosecutors said the violations were unprecedented. The Constitution gives the president broad pardon powers, and Zhao had previously applied for clemency.
Read at www.aljazeera.com
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