Changpeng Zhao, founder of the world's largest cryptocurrency exchange Binance, has been pardoned by US President Donald Trump.
Zhao, also known as 'CZ', was sentenced to four months in prison in April 2024 after pleading guilty to violating US money laundering laws.
Binance was ordered to pay $4.3 billion (£3.4 billion) following a US investigation that found it helped users bypass sanctions.
White House Press Secretary Karoline Leavitt characterized Zhao's prosecution under the Biden administration as part of a 'war on cryptocurrency'.
She highlighted that Zhao had been targeted 'despite no allegations of fraud or identifiable victim', claiming the legal actions had 'severely damaged the United States' reputation'.
Leavitt stated, 'The Biden Administration's war on crypto is over.'
The pardon reflects the Trump administration's more favorable view towards cryptocurrency. Trump has pledged to position the US as the 'crypto capital' of the world, even launching his own cryptocurrency shortly before his inauguration.
Since then, the Trump administration has pursued a national cryptocurrency reserve and has pushed to make it easier for Americans to invest retirement savings in cryptocurrencies.
Reports indicate that representatives of the Trump family, with ties to a crypto firm, have held discussions with Binance, which has been seeking a pardon for Zhao since he finished his prison sentence in September 2024.
Despite Zhao's departure from Binance in November 2023, he took responsibility for mishaps at the company, admitting that he 'made mistakes'.
US officials previously described Binance's actions as 'willful violations', stating they threatened US financial integrity and security. The narrative from the Trump administration now focuses on changing the crypto regulatory landscape positively. Binance, registered in the Cayman Islands, remains the world’s leading platform for trading digital assets.
