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President Trump pardoned Changpeng Zhao, the billionaire Binance founder, wiping away a major U.S. crypto-crime crackdown after a yearslong investigation. Zhao pleaded guilty to money-laundering violations in 2023 and served four months. The White House cast the move as ending the Biden administration’s 'war on cryptocurrency,' while critics including Sen. Elizabeth Warren and economist Eswar Prasad decried it. Industry allies cheered. The pardon could let Zhao retake control of Binance and ease its U.S. push, as critics noted Binance’s deal with the Trump family’s crypto start-up.

Prepared by Emily Rhodes and reviewed by editorial team.