Summary
President Donald Trump has pardoned Changpeng Zhao, the founder of Binance, which is the world's largest cryptocurrency exchange. Zhao had previously been imprisoned for not stopping illegal activities such as money laundering on his platform. The pardon may allow Zhao to resume his business activities in the U.S.
Key Facts
- President Trump pardoned Changpeng Zhao, founder of Binance.
- Zhao was in prison for failing to prevent money laundering through his cryptocurrency platform.
- He violated the US Bank Secrecy Act, which requires financial monitoring.
- Trump’s pardon removes restrictions on Zhao’s business activities in the U.S.
- Binance agreed to pay $4.3 billion to settle other charges by the U.S. Department of Justice.
- Prosecutors say Binance facilitated illegal transactions totaling about $900 million.
- Zhao originally served a four-month prison sentence and expressed regret for his actions.
- He co-founded Binance in 2017 and has previously been a rival to FTX founder Sam Bankman-Fried.
