US President Donald Trump has pardoned Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange. Zhao previously served time in prison after pleading guilty to failing to implement an anti-money laundering program that allowed the platform to facilitate criminal activities – including child abuse, drug trafficking and terrorism.
Despite the seriousness of the charges, Trump granted the pardon at Zhao’s request, a decision that raised questions because of Zhao’s ties to World Liberty Financial, the crypto venture that Trump and his sons launched in September.
World Liberty Financial introduced USD1, a stablecoin pegged to the US dollar.
The AP reported that Trump’s latest financial disclosure shows he earned over $57 million from World Liberty Financial last year.
White House press secretary Karoline Leavitt said the prosecution by the Biden administration was politically motivated and aimed at punishing the cryptocurrency industry. She emphasized that there were “no allegations of fraud or identifiable victims,” despite Zhao’s guilty plea. Zhao expressed remorse in court, stating, “I failed here. I deeply regret my failure and am sorry.”
This is a developing story. Please check for updates
