President Trump Pardons Binance Founder, Highlighting Broad Presidential Powers and Crypto Ambitions
President Donald Trump pardoned Binance founder Changpeng Zhao, convicted of money laundering, exercising broad constitutional pardon powers while advancing his vision for the US as a crypto capital.
Trump pardons Binance founder, crypto kingpin Changpeng Zhao
New York Daily News
Trump pardons Binance founder Changpeng Zhao
PBS NewsHour
Overview
- President Donald Trump pardoned Binance founder Changpeng Zhao, who served nearly four months for money laundering-related charges, a move sparking significant discussion.
- Zhao's conviction stemmed from violating the American Bank Secrecy Act, leading to Binance paying a record $4.3 billion settlement for anti-money laundering failures.
- The pardon aligns with President Trump's stated goal of establishing the United States as the global 'crypto capital' and easing industry scrutiny.
- The US Constitution grants the president broad power to issue pardons, a power President Trump utilized, though his recent actions have caused controversy.
- The Trump family's financial operations and crypto ventures have ties to Zhao and Binance, with the Biden Administration having pursued Zhao without fraud allegations.
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Analysis
Center-leaning sources cover the story neutrally by presenting the facts of the pardon and Zhao's conviction alongside the Trump administration's stated rationale. They include critical context, such as the Justice Department's original charges and details of Binance's settlement, as well as potential conflicts of interest involving Trump's family and lobbying efforts, allowing readers to form their own conclusions.
"President Trump has pardoned a billionaire cryptocurrency exchange founder who pleaded guilty to a money laundering-related charge, claiming the man was a victim of political prosecution by the Biden administration."
CBS News"The pardon follows months of Zhao acting as a booster for the Trump family’s cryptocurrency projects and may open a path for Binance to once again operate legally within the United States."
Gizmodo"Trump’s pardon will “pave the way” for the world’s largest crypto exchange to resume US operations."
Semafor"Trump’s pardon comes two months after The Wall Street Journal reported that the Trump family’s own crypto venture benefited from a partnership with an under-the-radar trading platform operated by Binance."
TechCrunch"Trump's pardon of Zhao paves the way for the crypto mogul to return to the business he helped found in 2017."
USA TODAY"The move comes amid the Trump administration's adoption of a more friendly stance towards cryptocurrency."
BBC News"President Donald Trump has pardoned Binance founder Changpeng Zhao, who created the world’s largest cryptocurrency exchange and served prison time after failing to stop criminals from using the platform to move money connected to child sex abuse, drug trafficking and terrorism."
ABC News"The Biden Administration’s war on crypto is over."
NBC News"The President’s pardon of Zhao is the clearest sign yet that the crypto industry has enjoyed unprecedented favor under Trump’s administration."
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FAQ
Changpeng Zhao was convicted of money laundering-related charges stemming from violations of the American Bank Secrecy Act.
The pardon aligns with President Trump's goal to establish the United States as the global 'crypto capital' and to ease regulatory scrutiny on the cryptocurrency industry.
Following Zhao's conviction, Binance paid a record $4.3 billion settlement related to anti-money laundering failures linked to Zhao's case.
The U.S. Constitution grants the president broad power to issue pardons for federal offenses.
The Trump family's financial operations and cryptocurrency ventures have ties to Zhao and Binance, while the Biden Administration pursued Zhao without fraud allegations.
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