US President Donald Trump has pardoned Changpeng Zhao, founder of the world's largest crypto exchange, Binance.
Zhao was convicted in 2023 of failing to maintain an effective anti-money laundering program and has served four months in prison and paid a fine of about $50 million, while Binance was ordered to pay a penalty of about $4.3 billion.
The White House Press Secretary's office said the pardon was part of Trump's efforts to end what he called the "war on crypto" started by the previous administration.
Zhao expressed his deep appreciation for the pardon in a statement on social media and vowed to help the US lead in the crypto and Web3 sectors.
The move has major implications for the global crypto industry, including the possibility of Zhao or Binance resuming operations in the US market and a change in the direction of crypto regulatory policy under the Trump administration.
Some analysts have stressed that the decision also raises questions about the relationship between crypto corporations, political actors and the integrity of the pardon process and law enforcement.
Zhao’s pardon also coincides with a series of other pardons granted by Trump to figures in the crypto and technology sectors, highlighting a new approach to financial policy and digital technology.
The crypto industry is now closely watching how this pardon will affect regulation, oversight, and the framework for cooperation between the government and the private sector in the coming months.
