3:21The former Chief Executive Officer of Binance, Changpeng “CZ” Zhao, is seen arriving at the federal courthouse in Seattle on April 30, 2024.Jason Redmond/AFP via Getty Images
Former President Donald Trump granted a pardon to Changpeng Zhao, the co-creator of Binance, White House Press Secretary Karoline Leavitt communicated to ABC News on Thursday.
Zhao acknowledged his culpability in 2023 regarding a money laundering offense.
The pardon is issued as Zhao has recently taken steps to promote World Liberty Financial, a digital currency venture initiated earlier in the year by Trump’s sons, Eric and Donald Jr.
Former Binance CEO Changpeng “CZ” Zhao arrives at federal court in Seattle, April 30, 2024.Jason Redmond/AFP via Getty Images
Leavitt expressed in her declaration that Trump "utilized his constitutional prerogative by bestowing a pardon upon Mr. Zhao, who faced prosecution under the Biden Administration amidst their campaign against virtual currencies."
When questioned about the pardon by a journalist at the White House on Thursday, Trump inquired whether they were referring to the "crypto individual" and noted that others had suggested he be pardoned.
"Numerous individuals assert his innocence in any wrongdoing," Trump stated, further commenting, "I am not acquainted with him, and I don’t recall having encountered him previously, but I have been informed… that he garners considerable support, with claims suggesting his actions do not constitute a criminal offense. It wasn’t a transgression; he was unfairly targeted by the Biden administration, and thus, I sanctioned his pardon at the insistence of numerous highly respected individuals."
Earlier on Thursday, during the White House press briefing, Leavitt evaded direct inquiries regarding whether Trump's pardon represented a conflict of interest, given the link between the cryptocurrency exchange enterprise and the Trump family’s crypto-related pursuits.
"The former president is practicing his constitutional entitlement to consider and grant requests for clemency," Leavitt conveyed throughout the press briefing.
When questioned on whether Zhao’s pardon might pave the path for Binance to restart its U.S. activities, Leavitt directed the inquiry toward the Treasury or the Department of Commerce for a response.
In her initial declaration, Leavitt conveyed: "Driven by a desire to penalize the cryptocurrency domain, the Biden Administration sought action against Mr. Zhao, even absent any accusations of deceit or identified affected parties. The Biden Administration endeavored to imprison Mr. Zhao for a duration of three years, a sentence diverging so significantly from the designated Sentencing Guidelines that even the presiding Judge acknowledged its unprecedented nature during his extensive three-decade tenure," Leavitt affirmed in her statement. "These initiatives undertaken by the Biden Administration have severely tarnished the standing of the United States as a foremost global entity in technology and ingenuity. The Biden Administration’s opposition to digital currencies has concluded."
The Wall Street Journal was the first news outlet to disseminate details of the pardon.
ABC News’ Hannah Demissie aided in preparing this report.
Sourse: abcnews.go.com
