President Donald Trump has pardoned Changpeng Zhao, the founder of the world's largest crypto exchange Binance, the White House press secretary Karoline Leavitt confirmed to Fortune on Thursday. "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," she said in a statement. The Wall Street Journal first broke the news, reporting that Trump signed the pardon on Wednesday.
Reputation is often the most fragile currency in business. For companies rocked by scandal, studies suggest it can take more than a decade to regain lost trust. Yet Binance, the world's largest cryptocurrency exchange, has managed to rebound far more swiftly. Rather than retreat, the company seized the moment to reposition itself as a globally regulated player, signaling a new era of compliance and transparency in crypto.
The partnership enables Binance customers to store their assets in U.S. Treasury securities held by BBVA, increasing security for investors concerned about exchange risk.