Trump Grants Clemency to Binance Founder Zhao Changpeng Amid Controversy
Donald Trump, the President of the United States, has granted clemency to Zhao Changpeng, the founder of Binance, the worlds largest cryptocurrency exchange, who faced sanctions for violations of anti-money laundering regulations. This decision aligns with Trumps ongoing pro-cryptocurrency stance and may pave the way for Binance to resume its operations in the U.S., which had been suspended following a guilty plea in 2023. However, the clemency has sparked controversy, as it is alleged that Binance supported cryptocurrency ventures linked to the Trump family prior to this decision.
According to the Wall Street Journal on the 23rd (local time), President Trump signed the clemency order for Zhao the previous day. Reports suggest that Trump recently expressed sympathy to his aides regarding claims that Zhao and related individuals are victims of political persecution. In May, the U.S. Securities and Exchange Commission (SEC) dropped its lawsuit against Binance and Zhao. This move was interpreted by U.S. media as a signal of Trumps second administrations willingness to collaborate with the cryptocurrency industry.
The clemency is expected to open pathways for Binance to re-enter the U.S. market, following the suspension of its operations after Zhaos guilty plea in 2023. The SEC had charged Zhao and Binance with 13 counts of violations of securities laws in June of that year, and in November, the U.S. Department of Justice also indicted Zhao and Binance. At that time, Zhao admitted guilt and agreed to step down as CEO, paying a hefty fine of $4.3 billion (approximately 6.2 trillion won) in exchange for avoiding imprisonment.
There are suspicions that the clemency serves as compensation for Zhaos assistance to a cryptocurrency company owned by the Trump family over several months. Recently, Binance secured a $2 billion investment from the Abu Dhabi sovereign wealth fund MGX, which was entirely issued through a stablecoin from World Liberty, a cryptocurrency company established by the Trump family. This connection raises questions about the motivations behind Zhaos clemency and the potential implications for the relationship between Trump and the cryptocurrency sector.
According to the Wall Street Journal on the 23rd (local time), President Trump signed the clemency order for Zhao the previous day. Reports suggest that Trump recently expressed sympathy to his aides regarding claims that Zhao and related individuals are victims of political persecution. In May, the U.S. Securities and Exchange Commission (SEC) dropped its lawsuit against Binance and Zhao. This move was interpreted by U.S. media as a signal of Trumps second administrations willingness to collaborate with the cryptocurrency industry.
The clemency is expected to open pathways for Binance to re-enter the U.S. market, following the suspension of its operations after Zhaos guilty plea in 2023. The SEC had charged Zhao and Binance with 13 counts of violations of securities laws in June of that year, and in November, the U.S. Department of Justice also indicted Zhao and Binance. At that time, Zhao admitted guilt and agreed to step down as CEO, paying a hefty fine of $4.3 billion (approximately 6.2 trillion won) in exchange for avoiding imprisonment.
There are suspicions that the clemency serves as compensation for Zhaos assistance to a cryptocurrency company owned by the Trump family over several months. Recently, Binance secured a $2 billion investment from the Abu Dhabi sovereign wealth fund MGX, which was entirely issued through a stablecoin from World Liberty, a cryptocurrency company established by the Trump family. This connection raises questions about the motivations behind Zhaos clemency and the potential implications for the relationship between Trump and the cryptocurrency sector.
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