Trump pardons cryptocurrency exchange Binance founder Changpeng Zhao

President Trump on Thursday pardoned Changpeng Zhao, the founder of cryptocurrency exchange Binance, according to the White House.

Zhao was previously the CEO of Binance, and pleaded guilty in 2023 to charges of violating anti-money laundering laws, The Hill news outlet reported. He was sentenced to four months in prison after the Biden administration sought a three-year sentence.

“President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency,” White House press secretary Karoline Leavitt said in a statement.  

“In their desire to punish the cryptocurrency industry, the Biden Administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims,” she continued. “The Biden Administration sought to imprison Mr. Zhao for three years, a sentence so outside Sentencing Guidelines that even the Judge said he had never heard of this in his 30-year career.” 

“These actions by the Biden Administration severely damaged the United States’ reputation as a global leader in technology and innovation,” Leavitt added. “The Biden Administration’s war on crypto is over.”