Trump Pardons Convicted Binance Founder

"President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency. In their desire to punish the cryptocurrency industry, the Biden Administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims," White House spokesperson Karoline Leavitt said in a statement.

"We thank President Trump for his leadership and for his commitment to make the US the crypto capital of the world," a Binance spokesperson said in a statement.

"CZ's vision not only made Binance the world's largest crypto exchange but shaped the broader crypto movement. Binance remains focused on building a secure, transparent, and user-first platform that reduces fees and increases access to the financial system for all."

That prompted a sharp statement from Senator Elizabeth Warren (D-Mass.), a frequent critic of Trump and the crypto industry, who signaled Thursday that the pardon could further complicate negotiations around a major crypto bill.

"First, Changpeng Zhao pleaded guilty to a criminal money laundering charge. Then he boosted one of Donald Trump's crypto ventures and lobbied for a pardon. Today, Donald Trump did his part and pardoned him. If Congress does not stop this kind of corruption in pending market structure legislation, it owns this lawlessness," Warren said.