WASHINGTON (AP) — President Donald Trump has pardoned Binance founder Changpeng Zhao, who created the world’s largest cryptocurrency exchange and served prison time for failing to stop criminals from using the platform to move money connected to child sex abuse, drug trafficking and terrorism.
The pardon caps a monthslong effort by Zhao, a billionaire commonly known as CZ in the crypto world and one of the biggest names in the industry. He and Binance have been key supporters of some of the Trump family’s crypto enterprises.
“Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice,” Zhao said on social media Thursday.
Zhao served four months in prison after reaching a deal with the Justice Department to plead guilty to charges of enabling money laundering at Binance. But, in explaining the pardon, Trump said of Zhao, “He was recommended by a lot of people.”
“A lot of people say that he wasn’t guilty of anything,” Trump said. “He served four months in jail and they say that he was not guilty of anything.”