U.S. President Donald Trump has reportedly pardoned Binance founder Changpeng “CZ” Zhao for his conviction relating to banking violations. The BNB price surged on the back of the news, which provides a bullish outlook for the altcoin.
Trump Pardons Binance’s Changpeng Zhao
According to a WSJ report, the U.S. president has pardoned the Binance founder. The president reportedly signed the pardon letter today after earlier reports that he was considering granting the pardon because he was sympathetic to the political persecution that CZ and others faced.
White House Press Secretary Karoline Leavitt also confirmed this development, stating that the president had exercised his constitutional authority by issuing a pardon to Changpeng Zhao, whom the Biden administration prosecuted in their war on crypto. She added that the Biden administration’s war on crypto is over.
CoinGape had earlier reported that Changpeng Zhao was seeking a pardon from Trump, and the Binance founder confirmed in May of this year that he hoped to receive one. CZ had served a four-month prison sentence after he pleaded guilty to violating the Bank Secrecy Act for failing to implement adequate anti-money laundering safeguards. He also had to step down as the exchange’s CEO following the guilty plea.
Meanwhile, the BNB price surged on news that Trump had granted CZ a pardon. TradingView data shows the token spiked from below $1,120 to an intraday high above $1,140. The token is now up over 7% in the last 24 hours and up over 4% since the report.
Trump’s pardon erases Changpeng Zhao’s conviction and clears the way for him to return to Binance, after he had earlier distanced himself from the crypto exchange following his sentence. CoinGape had reported that there were already rumors that CZ could return to Binance.
The Binance founder had fueled these rumors after he changed his X profile bio from @ex-binance to @binance, nearly two years after stepping down. Meanwhile, it is worth noting that the U.S. Department of Justice is reportedly considering removing its compliance oversight of Binance.
