Trump Grants Pardon to Canada’s Richest Man, Changpeng Zhao

BREAKING: U.S. President Donald Trump has just announced a pardon for Changpeng Zhao, the former CEO of Binance and Canada’s richest individual with an estimated net worth of C$61 billion. This significant development, revealed on October 23, 2023, follows Zhao’s guilty plea in 2023 for violating the Bank Secrecy Act (BSA) and his subsequent four-month prison sentence in California in 2024.

This pardon comes amid escalating tensions surrounding Zhao’s legal woes. In 2023, he pleaded guilty to failing to implement an effective anti-money laundering program, leading to Binance’s hefty penalty of US$4.3 billion. Reports highlight that Zhao faced serious allegations, with U.S. authorities claiming Binance facilitated transactions linked to child sex abuse and drug trafficking.

In a statement on X, Zhao expressed his gratitude, stating he is “deeply grateful” to Trump for “upholding America’s commitment to fairness, innovation, and justice.” He further pledged to help make America the “Capital of Crypto” and advance web3 globally.

During a press briefing, White House Press Secretary Karoline Leavitt emphasized that Trump is exercising his constitutional authority to grant clemency, labeling Zhao’s case as “overly prosecuted” by the Biden administration. “Even the judge admitted that the previous administration was very hostile to the cryptocurrency industry,” she remarked.

The reaction to this pardon has been mixed, with strong criticism from U.S. Senator Elizabeth Warren. She accused Zhao of leveraging connections with Trump for a favorable outcome, stating, “If Congress does not stop this kind of corruption, it owns this lawlessness.” Zhao’s legal team has threatened legal action against Warren for defamation, asserting that he was never convicted of money laundering.

The pardon, which is not subject to override, raises questions about the potential misuse of presidential power in granting clemency, especially towards individuals with political ties. Critics argue this could pave the way for further abuses in the future.

As the story unfolds, observers will be watching closely for further developments regarding Zhao’s plans and the potential implications for the cryptocurrency industry. The pardon not only impacts Zhao but also raises crucial discussions about the regulatory landscape and the relationship between cryptocurrency entities and government bodies.

Stay tuned for more updates on this developing story as reactions continue to pour in from various sectors and the wider public.