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chairman donald trump pardoned Changpeng Zhao, co-founder of cryptocurrency exchange binanceThe White House made the move this week in response to the Biden administration’s “war on cryptocurrencies.”
Zhao, also known as “CZ”, pleaded guilty for enabling money laundering and agreed to step down as CEO of Binance in 2023 as part of a $4.3 billion settlement with the Justice Department. He spent four months in jail.
“President Trump exercised his constitutional authority by issuing a Forgiveness For Mr. Zhao, who was prosecuted by the Biden administration in the war on cryptocurrencies, White House press secretary Carolyn Leavitt said in a statement.
“In its desire to punish the cryptocurrency industry, the Biden administration pursued Mr. Zhao despite there being no allegations of fraud or identifiable victims,” Levitt said.
Trump, who has introduced myself as a crypto-Friendly president signs pardon for crypto exchange founder on Tuesday According to the Justice Department website.
Both Binance and Zhao had apologized to Trump.
In A statement on Zhao said she was “deeply grateful” for the pardon and Trump’s “commitment to fairness, innovation and justice.”
“We will do everything possible to help crypto capital america and advance Web3 around the world,” Zhao said.
despite being Bitcoin used to be called a “scam” Trump also later became deeply interested in crypto Campaigning to become “Crypto President”.
As soon as he was inaugurated, he kept his promise. Starting a joint crypto project With First Lady Melania Trump just before being sworn in.
Administration appoints crypto-friendly regulators, reduces regulations around digital currency Justice Department team disbanded Tasked with investigating crypto crimes.
At the same time, The Trump family has also benefited from crypto investmentsTrump family members, through an umbrella company, own more than half World Liberty FinancialA cryptocurrency company.
Zhao’s guilty plea was part of a multi-billion dollar settlement with the DoJ, which was investigating Binance for violating the Bank Secrecy Act, failing to register as a money transmission business, and violating the International Emergency Economic Powers Act.
Federal prosecutors claimed that Binance neglected to comply with legal obligations, allowing terrorists, cybercriminals, and child abusers to transfer funds through its platform.
Zhao pleaded guilty to failing to maintain an effective anti-money laundering program in violation of the Bank Secrecy Act and resigned. He was sentenced to four months in prison and completed his sentence.
Zhao co-founded Binance in 2017. It has become the largest cryptocurrency exchange by daily volume.
Responding to his pardon, Zhao tweeted: “So grateful to President Trump for today’s pardon and for maintaining America’s commitment to fairness, innovation, and justice. We will do everything we can to help make America the capital of crypto and advance Web 3 around the world. (Still in flight, more posts to come.) Onward.”
Democratic Senator Elizabeth Warren said the pardon was evidence of “corruption” by the president.
In a statement she said: “First, Changpeng Zhao pleaded guilty to criminal money laundering charges. Then he promoted one of Donald Trump’s crypto ventures and lobbied for a pardon. Today, Donald Trump did his part and pardoned him.
“If Congress does not stop this type of corruption pending market structure legislation, it is responsible for this chaos.”