The pardon of Zhao has become part of Trump's new strategy, who actively supports the development of the crypto industry. The official statement from the White House indicated that all pardons undergo thorough legal review. Changpeng Zhao expressed gratitude to Trump and promised to make the United States a center for cryptocurrency.
As noted in the White House statement, Trump used his constitutional powers to pardon Zhao, claiming that the Biden administration was prosecuting him as part of a campaign against cryptocurrencies.
In the press release from White House Press Secretary Caroline Levitt, it is stated: "The actions of the Biden administration have dealt a serious blow to the reputation of the United States as a global leader in technology and innovation. The war on cryptocurrencies is over."
Changpeng Zhao was sentenced to four months in prison in April 2023 for violating anti-money laundering laws. Prosecutors claimed that under his leadership, illegal transactions occurred that caused significant harm to U.S. national security.
It is worth noting that in November 2023, Zhao stepped down as head of Binance and agreed to pay a fine of $50 million.
