"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, a White House statement said. The war on crypto is over. Changpeng Zhao pleaded guilty in late 2023 to one count of failing to maintain an anti-money laundering program and stepped down as CEO of Binance, which paid $4.3bn to settle related allegations."
"The US justice department's case against Binance accused the company of failing to report over 100,000 suspicious transactions to law enforcement, including those involving US-designated terrorist groups such as al-Qaida and Hamas. The Securities and Exchange Commission sued the company in 2023 but dropped the suit soon after Trump was inaugurated. Representatives from Trump's family crypto business have held talks with Binance about taking a stake in the US arm of the exchange, the Wall Street Journal reported earlier this year."
President Trump issued a pardon for Changpeng Zhao, founder of Binance. Zhao pleaded guilty in late 2023 to failing to maintain an anti-money-laundering program, stepped down as CEO, paid $4.3 billion to settle related allegations, and was sentenced to four months in prison. The pardon restores personal legal status while Binance remains barred from operating in the US. The Justice Department accused Binance of failing to report over 100,000 suspicious transactions, including ones involving US-designated terrorist groups. The SEC sued in 2023 but later dropped its suit after the administration change. Talks about a US stake involving Trump-family crypto representatives and Binance have occurred, though Zhao denied seeking a deal in exchange for a pardon.
Read at www.theguardian.com
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