Trump Pardons Binance Founder Zhao After Money Laundering Conviction

President Donald Trump has pardoned Changpeng Zhao, the founder and former CEO of Binance, who served a four-month prison sentence after pleading guilty in 2023 to failing to maintain an adequate anti-money laundering program. The pardon, which came after months of lobbying by Zhao and Binance, aims to end what the Trump administration calls the Biden administration's "war on crypto" and could allow Zhao to potentially return to leadership at Binance. The decision has sparked backlash from Democrats, who accuse the Trump administration of rewarding criminal behavior and engaging in pay-to-play corruption, especially amid scrutiny of Trump's close ties to the crypto industry and alleged financial gains linked to Zhao's investments. Binance has celebrated the pardon, with its native token BNB surging significantly following the announcement. The pardon follows a historic $4.3 billion settlement by Binance with U.S. authorities related to illicit activities on its platform, including money laundering and enabling transactions involving child abuse, narcotics, and terrorism financing. White House officials defended the pardon as a constitutional exercise of power and a sign of commitment to making the U.S. a global crypto hub.