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In a surprising move this week, former President Donald Trump granted clemency to Changpeng Zhao, the Chinese-born billionaire and founder of cryptocurrency exchange Binance. Zhao, commonly known as CZ, was convicted in 2023 for money-laundering violations and served four months in prison after admitting that Binance had facilitated the movement of funds for terrorist groups, including ISIS and Al Qaeda, as well as for child exploitation networks.
Following his release, Zhao reportedly enlisted lawyers and lobbyists close to Trump to pursue a pardon. According to the Wall Street Journal, Binance has been a major supporter of the Trump family’s World Liberty Financial crypto enterprise, a partnership that has significantly boosted the former president’s personal wealth.
The pardon clears the way for Binance to potentially resume operations in the United States, with Zhao reinstated as CEO.
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