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Donald Trump has pardoned Binance founder Changpeng Zhao, who earlier pleaded guilty to enabling money laundering as the head of the cryptocurrency exchange, the White House informed on Thursday, October 23.
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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 an official statement.
On X, Zhao, widely known as CZ, said he was “deeply grateful” for the pardon and to Trump for “upholding America’s commitment to fairness, innovation, and justice.” “Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide,” he added.
Why this matters
Zhao stepped down as Binance chief in 2023. This happened after the company pleaded guilty to failing to maintain an effective anti-money laundering program. It paid a $4.3 billion penalty, Reuters reported.
Born in China, Zhao is a citizen of Canada and himself paid a $50 million fine. Besides this, he served four months in prison in 2024 after he pleaded guilty to the same charge.
The pardon came after Zhao’s monthslong campaign in this regard, where he praised the US President for his positive and friendly approach towards the $4 trillion crypto market, as per Politico.
A few months ago, The Wall Street Journal reported that the Trump family’s own crypto venture received help via “partnership with an under-the-radar trading platform quietly administered by Binance.”
Also Read: Trump pardons Binance founder Zhao who admitted allowing money laundering, has ties with his family crypto venture
Changpeng Zhao’s net worth
As the founder of the world’s largest cryptocurrency exchange, Zhao is the 21st wealthiest person worldwide, as per data by Forbes.
In November 2023, he pleaded guilty and later agreed to step down as Binance CEO. This was done as part of the $4.3 billion settlement between the company and the Department of Justice. In April last year, he was sentenced to four months in jail.
Since founding Binance in 2017, Zhao continues to hold about 90% of the exchange as well as a stash of its BNB tokens. According to Forbes, he has a net worth of $85.6 billion, placing him among the wealthiest persons across the globe.
Also Read: Chicago’s whistle resistance: How the city is fighting against Trump’s immigration crackdown
FAQs:
When did Changpeng Zhao step down?
He resigned as Binance CEO in November 2023 as part of a major settlement with the authorities.
What is Changpeng Zhao’s net worth?
According to Forbes, he has total earnings of $85.6 billion.
What is Changpeng Zhao’s nationality?
He was born in China and is now a citizen of Canada.
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