Trump pardons convicted founder of crypto exchange Binance

[iemanja]

This discussion thread was locked as off-topic by Yonnie3 (a host of the Latest Breaking News forum).

Source: NBC News

President Donald Trump signed a pardon on Wednesday for convicted crypto executive Changpeng Zhao, who founded the Binance crypto exchange, White House Press Secretary Karoline Leavitt said in a statement.

"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," Leavitt said. "In their desire to punish the cryptocurrency industry, the Biden Administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims."

Zhao was sentenced to four months in prison after reaching a deal with the Justice Dept. to plead guilty to charges of enabling money laundering at Binance, which he ran at the time.

The U.S. also ordered Binance to pay more than $4 billion in fines and forfeiture, while Zhao agreed to pay $50 million in fines.

Read more: https://www.msn.com/en-us/news/news/trump-pardons-convicted-founder-of-crypto-exchange-binance/ar-AA1P3oAF?ocid=msedgntp&pc=HCTS&cvid=68fa7456fa884cdc9476c88f66854616&ei=24

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Under Trump, no rich people will ever go to jail.

[iemanja]

1. More, a Biden era conviction

"These actions by the Biden Administration severely damaged the United States’ reputation as a global leader in technology and innovation," Leavitt also said. "The Biden Administration’s war on crypto is over."

In November 2023, the Justice Dept. called the agreement with Binance and Zhao a "coordinated" action between the Treasury, CFTC and Financial Crimes Enforcement Network. “Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed — now it is paying one of the largest corporate penalties in U.S. history,” said Attorney General Merrick Garland in 2023.

[moniss]

2. An example of the media failing us with the headline. They

should have said "Crooked founder" rather than "convicted". He can be pardoned of his conviction but it doesn't make him not crooked. Crumb the 1st and his pals may escape through legal maneuvers or pardons etc. but they are still crooked and would be accurately described as such.

[groundloop]

3. I have to assume tRump received a nice "campaign contribution".

[Eugene]

4. It is worth checking whether Dump gets a piece of CZ's action.

That was on the table early during clemency talks.

[Yonnie3]

5. Duplicate

Please continue discussion at the earlier post https://www.democraticunderground.com/10143552233