Author: Alex Kozul-Wright
Published on: 24/10/2025 | 00:00:00
AI Summary:
Binance founder Changpeng Zhao went to prison last year for failing to prevent criminals from using his platform to launder money connected to child sex abuse, “terrorism” and drug trafficking. White House press secretary Karoline Leavitt said on Thursday that Trump had “exercised his constitutional authority by issuing a pardon for Mr Zhao” list 2 of 4Trump says newly signed crypto law will establish ‘American dominance’ list 3 of 4US House sends crypto ‘GENIUS Act’ to Zhao pleaded guilty in November 2023 to one count of not monitoring money-laundering at his company. The firm also agreed to pay $4.3bn to settle other allegations from the Department of Justice. “I failed here,” Zhao told the court last year during sentencing. Zhao was convicted of stealing $10bn of customer funds and sentenced to 25 years in jail. Zhao served four months in jail, and they say that what he did is not even a crime. White House press secretary Karoline Leavitt said the White House counsel’s office had reviewed the request. Democratic Senator Elizabeth Warren blasted the decision over Zhao in a statement as a “kind of corruption” Critics of Trump say there is a conflict of interest in his pardoning of Zhao. In March 2025, World Liberty Financial launched its own “stablecoin” – a dollar-pegged cryptocoin backed by US treasuries – called USD1.
Original: 1193 words
Summary: 222 words
Percent reduction: 81.39%