1. United States
2. Ohio
3. Letter

US president Donald Trump has pardoned Changpeng Zhao, founder of the world’s largest crypto exchange, Binance. Zhao, widely known as CZ, pleaded guilty in November 2023 to violating anti-money-laundering laws and US sanctions. The plea formed part of a sweeping deal with the US Department of Justice, under which Binance was required to pay a record-breaking $4.3 billion penalty. Zhao ultimately spent four months in federal prison. The DOJ had originally petitioned for a three-year prison sentence. After issuing the pardon, the White House has cast Zhao as the victim of a plot to trample the crypto industry carried out by the administration of former president Joe Biden. Regulators brought a volley of lawsuits against high-profile businesses during this era, and the DOJ prosecuted crypto industry figureheads for fraud. “In their desire to punish the cryptocurrency industry, the Biden administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims,” says White House press secretary Karoline Leavitt. “The Biden administration’s war on crypto is over.” Zhao, who founded Binance in 2017, is something of a legend in cryptoland for his bullish pronouncements and flair for social media. Until his guilty plea, he routinely used his platform on X to dismiss allegations of wrongdoing at Binance. Zhao is the latest in a line of crypto figureheads pardoned by Trump. The president has received endorsements and millions of dollars in donations from members of the industry. Trump has already pardoned more criminals than any other president. He also is the only president to have a cryptocurrency backdoor avenue for his bribes.