Summary
President Donald Trump pardoned Changpeng Zhao, the founder of the Binance cryptocurrency exchange. Zhao was convicted under U.S. money-laundering laws and is the first person to receive prison time for such a violation. The pardon may allow Zhao to resume his role in the cryptocurrency business and supports Trump's stance on promoting the crypto industry.
Key Facts
- President Trump pardoned Changpeng Zhao, who founded Binance, a large cryptocurrency exchange.
- Zhao was convicted of breaking U.S. money-laundering laws and received a four-month prison sentence.
- The Bank Secrecy Act requires financial institutions to monitor transactions and report suspicious activity.
- Zhao was the first person to be sentenced to prison for violating the Bank Secrecy Act.
- President Trump's pardon could allow Zhao to return to the crypto industry.
- Trump has previously pardoned other crypto executives and entrepreneurs.
- Trump garnered support from the crypto sector by promising to reverse restrictive policies from the previous administration.
- The U.S. Constitution allows the president to issue pardons for federal convictions.
