Trump pardons Binance founder Changpeng Zhao

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 an official statement.

On X, Zhao, widely known as CZ, said he was "deeply grateful" for the pardon and to Trump for “upholding America’s commitment to fairness, innovation, and justice.” "Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide," he added.

Zhao stepped down as Binance chief in 2023. This happened after the company pleaded guilty to failing to maintain an effective anti-money laundering program. It paid a $4.3 billion penalty, Reuters reported.