President Donald Trump has granted a pardon to Changpeng Zhao, most commonly known in the crypto world as CZ, the founder of the world’s largest crypto exchange Binance, who had previously pleaded guilty to charges related to enabling money laundering while operating the cryptocurrency exchange.
White House Press Secretary Karoline Leavitt stated, “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.”
Amid former President Joe Biden’s administration, CZ, pleaded guilty in 2023 to alleged violations of US anti-money-laundering (AML) laws and was serving a four-month prison sentence as part of a $4.3 billion settlement reached between Binance and the Department of Justice (DOJ).
In April 2024, Zhao was sentenced to just four months in jail, despite federal prosecutors seeking a three-year prison term. The pardon effectively eliminates all remaining legal penalties against Zhao, who also stepped down from his position at Binance as part of the plea agreement.
White House Press Secretary Leavitt further emphasized to the Wall Street Journal that Trump’s decision signifies the end of what she described as the “Biden Administration’s war on crypto.”
The announcement sparked a new rally for Binance Coin (BNB), which recovered the $1,100 mark after correcting down to $860 in the infamous October 10 crash.
Notable buying demand has been evident in the BNB price since then. Binance Coin reached a new record of over $1,370 just three days after the flash crash in the broader crypto market.
Featured image from DALL-E, chart from TradingView.com
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