WASHINGTON, January 9 - Former president Donald Trump granted a pardon to Changpeng Zhao, known as ”CZ,” the founder of the cryptocurrency exchange Binance, the justice Department confirmed Tuesday. the pardon comes as Zhao prepares to be sentenced for violating U.S. anti-money laundering laws.
Zhao pleaded guilty in November 2023 to failing to maintain an effective anti-money laundering program at Binance, the world’s largest cryptocurrency exchange. He stepped down as CEO as part of a $4.3 billion settlement with the Justice Department, resolving allegations that Binance facilitated illicit transactions and violated sanctions. the pardon avoids a potential prison sentence for Zhao, who faces a maximum of 10 years.
The Justice Department stated the pardon was granted despite its opposition, citing Zhao’s acceptance of responsibility and cooperation with investigators. the move underscores the ongoing debate surrounding cryptocurrency regulation and enforcement, especially concerning the prevention of financial crimes. Binance, while not pardoned, remains under scrutiny and is required to implement comprehensive compliance measures.
Reporting on the story includes White House correspondent Gram Slattery, focusing on national security, intelligence, and foreign affairs, and Chris Prentice, who reports on financial crimes, with a focus on securities enforcement matters.
