"President Donald Trump has pardoned Binance founder Changpeng "CZ" Zhao, as first reported by CNBC. Zhao previously pleaded guilty to enabling money laundering while running the cryptocurrency exchange, and served four months in prison last year. "President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency," White House Press Secretary Karoline Leavitt said in a statement."
"Trump's pardon comes two months after The Wall Street Journal reported that the Trump family's own crypto venture benefited from a partnership with an under-the-radar trading platform operated by Binance. The crypto venture has generated around $4.5 billion since the 2024 election. After pleading guilty to the DOJ's charges in 2023, Zhao agreed to step down as Binance CEO, paid a $50 million fine, and agreed to never serve as a Binance executive again."
President Donald Trump granted a pardon to Binance founder Changpeng CZ Zhao. Zhao pleaded guilty to enabling money laundering while running Binance and served four months in prison. Zhao agreed to step down as CEO, paid a $50 million fine, and agreed never to serve again as a Binance executive. Binance paid a $4.3 billion settlement to the U.S. government. The White House described the pardon as an exercise of constitutional authority, framing Zhao's prosecution as part of the Biden Administration's actions against cryptocurrency. Reports indicate the Trump family's crypto venture benefited from a Binance-operated trading platform and generated about $4.5 billion since the 2024 election.
Read at TechCrunch
Unable to calculate read time
Collection
[
|
...
]