Binance founder, Changpeng Zhao.© Getty Images / Stephen McCarthy/Sportsfile
The White home announced that US president Donald Trump pardoned Binance's founder, Changpeng Zhao, who had previously been convicted of allowing money laundering on the cryptocurrency stock exchange.
In November 2023, Binance and then president Zhao pleaded guilty of violating the US Bank Secrecy Act, admitting that they did not enforce anti-money laundering laws.Prosecutors stated that the stock exchange did not study more than 100,000 suspicious transactions, including related to terrorism and kid abuse.
Binance was banned from operating in the United States and agreed to pay a fine of $4.3 billion, and Zhao resigned as president and paid $50 million.
He was later sentenced to 4 months in prison.White home press secretary Carolina Leavitt stated Thursday that Trump "used his constitutional powers", pardoning Zhao, claiming that he had remained “grossly exaggerated’ by the administration of erstwhile president Joe Biden "in the war on cryptocurrency".This announcement took place after months of lobbying Binance and took place in the process of strengthening ties with Trump.
The President, erstwhile a cryptocurrency skeptic, promised last year to make the United States "the global capital of cryptocurrency’.
Trump's household bonded with the manufacture through ventures and investments.
Early this year, Binance supported planet Liberty Financial – a crypto-project co-founded by Trump and his sons, which had raised around $550 million from the token sale since 2024 – accepting his US$1 tablecoin.The pardon of Zhao, which, according to analysts, could enable Binance to resume operations in the US, was criticised for Trump supporting the individual whose company has benefited his household financially.
Senator Elizabeth Warren, a associate of the legislature Banking Commission, condemned this decision as ‘corruption’ and called on legislature to take action.Critics say Trump's cryptographic ventures and his political power overlap dangerously.
In August "New York Times" accused him of utilizing his office to advance individual cryptographic projects, including token ‘TRUMP’ based on Solana, introduced early this year.Trump, who filed a $15 billion defamation suit against the paper last month, defended Zhao's pardon, telling journalists that he acted "at the request of many very good people."
Zhao thanked Trump on X, promising "to do everything in our power to make America the Capital of Krypton".
Translated by Google Translator
source:https://www.rt.com/news/626895-trump-pardon-binance-founder/
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