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President Trump Pardons Binance Founder Changpeng Zhao
In a significant and unexpected move, President Donald Trump has issued a presidential pardon to Changpeng Zhao, widely recognized as CZ, the visionary founder of Binance, the globe’s most expansive cryptocurrency exchange. Zhao had earlier admitted guilt to charges concerning facilitating money laundering operations through the exchange platform.
Official Announcement from the White House
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Karoline Leavitt, White House Press Secretary, confirmed the pardoning, stating, “President Trump leveraged his constitutional powers to pardon Mr. Zhao. This decision reflects a stark opposition to the Biden Administration’s stringent stance against cryptocurrency activities.”
During President Joe Biden’s tenure, CZ had acknowledged his involvement in breaching US anti-money laundering (AML) regulations in 2023, resulting in a four-month incarceration as part of a hefty $4.3 billion agreement between Binance and the Department of Justice (DOJ). Originally, federal prosecutors sought a three-year sentence, but Zhao’s jail term was confined to four months in April 2024. The presidential pardon nullifies all residual legal consequences for Zhao, who had also resigned from his leadership role at Binance as a consequence of the plea deal.
Binance Coin (BNB) Surges Post-Pardon Announcement
The proclamation of the pardon ignited a resurgence in Binance Coin (BNB), which rebounded above the $1,100 threshold after a steep decline to $860 during the notorious October 10 market crash. The White House Press Secretary noted to the Wall Street Journal that Trump’s decision symbolizes an end to what she termed as the “Biden Administration’s war on crypto.”
Following the pardon, the demand for Binance Coin surged, propelling its price to a new zenith of over $1,370 merely three days after the abrupt market downturn. The daily trading charts illustrate BNB’s remarkable price recovery post-announcement, showcasing the dynamic shifts in the cryptocurrency market.
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