In a significant development for the cryptocurrency industry, former US President Donald Trump has granted a pardon to Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange. Zhao, widely known as “CZ,” was sentenced to four months in prison in April 2024 after pleading guilty to violating US money laundering laws. Binance was also fined $4.3 billion following a US investigation that revealed the platform had enabled users to circumvent sanctions. White House Press Secretary Karoline Leavitt criticized the Biden administration’s handling of Zhao’s case, labeling it part of a broader “war on cryptocurrency.” She argued that Zhao was unfairly targeted despite no allegations of fraud or identifiable victims, and that the prosecution’s push for a three-year sentence had tarnished the US’s global reputation. “The Biden Administration’s war on crypto is over,” Leavitt declared. Trump’s pardon of Zhao aligns with his administration’s pro-cryptocurrency stance, which contrasts sharply with the policies of his predecessors. Trump has pledged to position the US as the “crypto capital” of the world, a vision underscored by the release of his own digital coin shortly before his inauguration in January. Since then, he has advocated for the creation of a national cryptocurrency reserve and sought to ease restrictions on using retirement savings for crypto investments. Reports from The Wall Street Journal indicate that representatives of the Trump family, who own the crypto firm World Liberty Financial, have recently engaged in discussions with Binance. The company has reportedly spent nearly a year lobbying for Zhao’s pardon, which comes after he completed his prison sentence in September 2024. Binance, headquartered in the Cayman Islands, continues to dominate the global cryptocurrency market as the most popular platform for trading digital assets. Zhao stepped down as CEO in November 2023, acknowledging his mistakes and emphasizing the importance of accountability. US officials had previously accused Binance and Zhao of “wilful violations” of US laws, alleging that the platform’s negligence facilitated illicit financial activities, including funding for terrorists and cybercriminals. Former Treasury Secretary Janet Yellen condemned Binance for prioritizing profits over legal obligations, stating that its failures had jeopardized US financial security.