Donald Trump Grants Pardon to Changpeng Zhao (CZ): Reports

The founder of Binance, Changpeng Zhao, has been granted a pardon by the US President, reports indicated.

According to multiple reports, the US President, Donald Trump, has granted a pardon to Binance founder and former CEO, Changpeng Zhao.

Reuters reports:

In a statement, White House press secretary Karoline Leavitt said Trump had “exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.”

Recall that CZ stepped down as CEO of Binance following a $4.3 billion settlement between the exchange and the US government, which marked the end of a years-long probe into alleged misconduct on behalf of Binance.

Binance is yet to comment on the matter, just like CZ himself.

Expectedly, the exchange’s native token reacted with an immediate price uptick. BNB traded at $1,075 ahead of the reports going live and surged by 7.5% immediately to over $1,150 before it calmed at around $1,130 as of press time.

Aside from having to abdicate his CEO position at Binance, CZ also agreed to pay a $50 million fine and spend four months in a US prison. He was released from custody in September last year, but was still prohibited from resuming his leadership position at the exchange, at least officially.