Pardoned: Changpeng Zhao, Binance Founder & Crypto Powerhouse
Binance founder Changpeng Zhao has been pardoned by President Donald Trump despite previous legal issues involving his platform. His connections to World Liberty Financial and financial benefits to Trump were noted, with Zhao expressing regret over his past failures to control illicit activities via Binance.
- Country:
- United States
In a surprising move, former President Donald Trump has extended a pardon to Changpeng Zhao, the pioneering founder of Binance, acknowledged as the world’s largest cryptocurrency exchange. Zhao, who previously served time for being unable to prevent the platform’s misuse in illegal activities, including the transfer of funds related to serious crimes, had long sought presidential clemency.
Zhao's relationship with World Liberty Financial, a crypto enterprise associated with Trump and his sons, has raised eyebrows. Recent financial disclosures reveal over $57 million in profits for Trump from the company, as they advance USD1, a stablecoin linked to US dollars. Additionally, an Emirati fund plans to utilize USD 2 billion of USD1 in acquiring a stake in Binance.
White House press secretary Karoline Leavitt criticized the legal actions against Zhao, claiming they stemmed from an anti-cryptocurrency agenda, despite Zhao's admission of failing to uphold an anti-money-laundering policy. Zhao has publicly expressed remorse for his past oversights, admitting, "I failed here," during a court proceeding.
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