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President Donald Trump on Thursday pardoned Binance founder Changpeng Zhao, who created the world’s largest cryptocurrency exchange and pled guilty in 2023 to enabling money laundering.
Zhao served prison time for failing to prevent criminals from using the platform to move money connected to child sex abuse, drug trafficking and terrorism. “I failed here,” Zhao told the court last year during sentencing. “I deeply regret my failure, and I am sorry.”
It is the latest example of Trump flexing his executive power to bestow clemency on political allies, prominent public figures and others.
“A lot of people say that he wasn’t guilty of anything,” Trump said of pardoning Zhao, one of the biggest names in the crypto industry.
He and Binance have been key supporters of some of the Trump family’s crypto enterprises.
Other news we’re following:
- East Wing now completely demolished: The two-story structure of drawing rooms and offices, including a walkway to the White House itself, has been turned into rubble as part of Trump’s privately funded plan to build what he said is now a $300 million ballroom. The demolition began this week despite lacking approval from government agencies overseeing construction on federal property.
- Trump won’t immediately send federal agents to San Francisco: Trump says he’s backing off a planned surge of federal agents into San Francisco after speaking to Mayor Daniel Lurie. Lurie said the city was making progress in reducing crime, and Trump agreed to let San Francisco keep trying on its own for now.
- US sanctions Russia’s largest oil companies: Treasury Secretary Scott Bessent announced the new sanctions on Wednesday and blasted Moscow’s refusal to end its “senseless war.” They come as U.S.-led efforts to end the war have floundered, Ukraine’s president has sought further foreign military help and a meeting between Trump and Russian leader Vladimir Putin, announced last week, is now off the table.