US President Donald Trump has pardoned Changpeng Zhao (CZ), founder of cryptocurrency exchange Binance. According to sources familiar with the matter, the pardon, signed yesterday, represents a significant shift in the Trump administration's approach to the cryptocurrency sector.
Zhao was convicted following lawsuits filed by US financial regulators during the Biden administration. Trump's advisers, however, have been sympathetic to arguments that Zhao and similar figures were being “targeted for political reasons.”
White House Press Secretary Karoline Leavitt said in a statement that President Trump had pardoned Zhao “using his constitutional authority.” Leavitt also said, “The Biden administration's war on crypto is over.”
Binance officials declined to comment on the matter.
*This is not investment advice.
