Summary
President Donald Trump pardoned Changpeng Zhao, the founder of the cryptocurrency exchange Binance, who was earlier sentenced for breaking US money laundering laws. The pardon was confirmed by the White House and follows an investigation that fined Binance $4.3 billion for helping users dodge sanctions. President Trump aims to position the US as a leader in cryptocurrency, aligning with recent efforts to expand the sector domestically.
Key Facts
- President Trump pardoned Changpeng Zhao, the founder of Binance, the largest cryptocurrency exchange.
- Zhao was sentenced to four months in prison in April 2024 for money laundering violations.
- Binance was fined $4.3 billion by the US for allowing sanction evasion.
- Zhao completed his prison sentence in September 2024.
- President Trump wants the US to become the "crypto capital" of the world.
- Trump has released his own digital coin and is encouraging investment in cryptocurrencies.
- The White House confirmed the pardon, initially reported by the Wall Street Journal.
- Binance is registered in the Cayman Islands and remains a top platform for cryptocurrency trading.
