<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>US President </span><a href="https://www.9news.com.au/donald-trump" rel="" target="_blank" title="Donald Trump"><span>Donald Trump</span></a><span> has pardoned Binance founder Changpeng Zhao, who pleaded guilty to a money laundering charge in 2023, the White House said overnight.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>White House press secretary Karoline Leavitt said in a statement that Trump "exercised his constitutional authority by issuing a pardon for Mr Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Leavitt argued that the Biden administration's sentencing of Zhao was too harsh – a view the president and his top advisers share after Binance's months-long lobbying campaign for a pardon for Zhao, who goes by CZ.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/nba-head-coach-chauncey-billups-and-miami-heat-guard-terry-rozier-charged-in-sports-betting-and-mafiabacked-poker-schemes/aadd4c94-042c-4985-b0ba-6a2195e0846e" rel="" target="_blank" title=""><strong><span>NBA coach and player charged in betting and Mafia-backed poker schemes</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The pardon, which was first reported by the </span><em><span>Wall Street Journal</span></em><span>, could open the door for Binance, the world's largest crypto exchange, to operate in the US once again.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Trump, a former crypto skeptic who did a 180 on the alternative financial assets while running for a second term, has pledged to make the US the "crypto capital of the planet." In launching a multi-faceted crypto empire, the Trump family has also established direct financial links to Binance over the past year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Trump family's crypto firm, World Liberty Financial – on which their wealth is increasingly dependent – is hosted on Binance. The exchange has also helped popularise World Liberty Financial's proprietary tokens, the sale of which has generated hundreds of millions of dollars in fees for the Trump family.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/world/changpeng-zhao-binance-founder-money-launderer-pardoned-donald-trump/141f11e5-f111-4720-be5c-588e365bace2" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/king-charles-and-queen-camilla-pray-with-pope-leo-in-historic-step-churches-welcome-respite-jeffrey-epstein-scandal/e4e42a07-1e42-410b-957b-4b407e0cc71e" rel="" target="_blank" title=""><strong><span>British royals' historic Pope prayer is welcome Epstein scandal respite</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The </span><em><span>Wall Street Journal</span></em><span> estimated that World Liberty Financial has added more than </span><a href="https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.wsj.com%2Ffinance%2Fcurrencies%2Ftrump-family-amasses-6-billion-fortune-after-crypto-launch-567faec5%3F&amp;data=05%7C02%7CSimone.Pathe%40cnn.com%7Cbc5260dd646d4742f11608de12604a3e%7C0eb48825e8714459bc72d0ecd68f1f39%7C0%7C0%7C638968401928690134%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=cOo7cbv3fEmeiQzQ65Xl2b3wuKrlrjfzDnum1k9qtxM%3D&amp;reserved=0" rel="" target="_blank" title="US$5 billion"><span>US$5 billion</span></a><span> ($7.68 billion) in paper wealth to the Trump family fortune – eclipsing the president's real estate assets.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Earlier this year, MGX, an Emirati-backed investment firm, agreed to use World Liberty's dollar-backed stablecoin, USD1, for a US$2 billion ($3.07 billion) investment in Binance. The deal was a huge win for World Liberty Financial, which effectively received a US$2 billion bank deposit. At the time, Binance was actively lobbying for Zhao's pardon.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Asked at Thursday's White House press briefing about Democratic criticisms of the pardon as corrupt, Leavitt said the White House has "a very thorough examination of every pardon request that comes to the president's desk."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/soldier-f-trial-british-ex-soldier-acquitted-of-murder-and-attempted-murder-charges-in-1972-bloody-sunday-massacre/9b8e4e3e-e2a5-4701-ade7-40d4e6062f33" rel="" target="_blank" title=""><strong><span>British ex-soldier acquitted of Bloody Sunday massacre murder</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>She told reporters that she spoke directly with the White House counsel about the pardon, and that the administration believes Zhao's case was "overly prosecuted" under the Biden administration, which she claimed was "very hostile to the cryptocurrency industry."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Zhao was sentenced to four months in prison in May 2024 after </span><a href="https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.cnn.com%2F2023%2F11%2F21%2Finvesting%2Fbinance-changpeng-zhao-treasury%2Findex.html&amp;data=05%7C02%7CSimone.Pathe%40cnn.com%7C7d89a363e5b84dd77ffc08de124cb697%7C0eb48825e8714459bc72d0ecd68f1f39%7C0%7C0%7C638968317841844051%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=agNcRsPQNY7VRauFcVRfN%2BFbX3x%2BRc6%2BsyItv2OYlIE%3D&amp;reserved=0" rel="" target="_blank" title=""><span>pleading guilty</span></a><span> to charges that he failed to maintain an effective anti-money laundering program.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Zhao stepped down as CEO of Binance, the crypto exchange he founded in 2017, and agreed to pay US$200 million ($307 million) in fines. The company agreed to pay more than US$4 billion ($6.14 billion) in fines and other penalties as part of a </span><a href="https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.cnn.com%2F2023%2F11%2F21%2Finvesting%2Fbinance-changpeng-zhao-treasury%2Findex.html&amp;data=05%7C02%7CSimone.Pathe%40cnn.com%7C7d89a363e5b84dd77ffc08de124cb697%7C0eb48825e8714459bc72d0ecd68f1f39%7C0%7C0%7C638968317841878278%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=5WiJKd3sasPnT0l%2FkH%2BLBMVFbXnq1cnYWv%2BjlgsZwvA%3D&amp;reserved=0" rel="" target="_blank" title=""><span>coordinated settlement</span></a><span> with the federal government in 2023. Binance admitted to engaging in anti-money laundering activities, unlicensed money transmitting and sanctions violations.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Zhao isn't the only crypto mogul to win a reprieve from Trump since his return to the White House.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Shortly after returning to office, Trump pardoned Ross Ulbricht, a cause celebre of the Libertarian crypto world, who had been serving a life sentence for creating the Silk Road marketplace, which the Justice Department had described as "the most sophisticated and extensive criminal marketplace on the Internet today."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Justin Sun, the Chinese crypto billionaire who poured tens of millions of dollars into World Liberty Financial soon after it launched, had been facing civil fraud charges in the United States under the Biden administration.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Securities and Exchange Commission </span><a href="https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.cnn.com%2F2025%2F02%2F28%2Fbusiness%2Fcrypto-mogul-trump-coins-civil-fraud-charges&amp;data=05%7C02%7CSimone.Pathe%40cnn.com%7Cbc5260dd646d4742f11608de12604a3e%7C0eb48825e8714459bc72d0ecd68f1f39%7C0%7C0%7C638968401928727749%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=j2GpNhw33hLU5l%2BlihhKr4Vo2BLwGgYkgH%2FvNzEPsDg%3D&amp;reserved=0" rel="" target="_blank" title=""><span>dropped the case against Sun</span></a><span> in February. And, in March, Trump </span><a href="https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.cnbc.com%2F2025%2F03%2F28%2Ftrump-pardon-bitmex-crypto-exchange-money-laundering.html&amp;data=05%7C02%7CSimone.Pathe%40cnn.com%7Cbc5260dd646d4742f11608de12604a3e%7C0eb48825e8714459bc72d0ecd68f1f39%7C0%7C0%7C638968401928742721%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=iz2xAmOFU5XNolD4Y7NmiL5NF4wgw8F%2Fx83M%2B0rwHsw%3D&amp;reserved=0" rel="" target="_blank" title=""><span>pardoned three co-founders of BitMEX</span></a><span>, a crypto exchange, who had pleaded guilty to violating anti-money-laundering programs.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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