Binance co-founder Changpeng "CZ" Zhao, convicted of violating U.S. anti-money-laundering laws, has been granted a pardon by President Donald Trump.
What Happened: White House press secretary Karoline Leavitt confirmed that President Trump used his constitutional authority to pardon Zhao, calling it an end to the "Biden Administration's war on crypto."
Sources told Bloomberg that Trump signed the pardon Wednesday after expressing sympathy toward claims of political persecution against Zhao.
Zhao's pardon follows months of behind-the-scenes efforts, including Binance's support for the Trump family's World Liberty Financial crypto venture.
While the move could terminate the Justice Department's three-year Binance monitorship, a separate Treasury oversight arrangement will remain in place, Wall Street Journal reported.
Also Read: Bitcoin Continues Dominance, But Ethereum, Solana Aren’t Far Behind: Report
Why It Matters: The pardon paves the way for Binance's potential return to the U.S. market, from which it was previously barred.
Zhao was released from prison in September 2024 after serving four months for related offenses.
At publication, BNB (CRYPTO: BNB) was up 5% on the day and 11% this month, outperforming Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and XRP (CRYPTO: XRP), which all recorded monthly losses.
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