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President Donald Trump has officially pardoned Changpeng Zhaofounder of the crypto exchange Binance.
The pardon comes after reports revealed that President Trump the cryptocurrency project received support from a trading platform associated with Binance.
According to The Wall Street Journal, the partnership has helped the Trump-related venture raise about $4.5 billion since the 2024 election.
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White House Press Secretary Caroline Leavitt stated that Zhao was unfairly targeted during the Biden administration’s push to regulate the crypto industry. She said:
Mr. Zhao has not been accused of defrauding or directly harming anyone.
Leavitt also noted that the prison sentence proposed by prosecutors exceeded normal guidelines and surprised even the judge presiding over the case.
Zhao shared in a post on X that he was grateful for the decision. He promised to continue promoting cryptocurrencies in the US and globally.
Senator Elizabeth Warren described pardon as an an example of political favoritism. She noted that Zhao pleaded guilty, later supported Trump-related crypto efforts and was later pardoned.
Warren called on lawmakers to take stronger action in upcoming financial legislation to prevent what she described as misconduct.
Recently, journalist Charles Gasparino reported that Zhao could receive a presidential pardon. What did he say? Read the full story.
