News Summary

US President Donald Trump has pardoned Changpeng Zhao, founder of the world’s largest cryptocurrency exchange, Binance. Zhao, known as CZ, had been convicted for violating anti-money-laundering laws and US sanctions, leading to a record $4.3 billion penalty and a four-month prison sentence. The pardon comes amid the Trump administration’s more favorable approach to cryptocurrency compared to its predecessors. The White House criticized the previous administration’s actions against Zhao as part of a ‘war on cryptocurrency.’ With this pardon, Binance may be able to re-enter the US market, which it had to leave due to conditions of the Department of Justice settlement. The pardon clears Zhao’s record of these violations, providing closure and potentially restoring his reputation in the crypto industry.