Background of the Pardon
US President Donald Trump recently added Binance founder Changpeng Zhao (CZ) to his pardon chain. Donald Trump announced on October 23 that he pardoned CZ, the founder of Binance, the world's largest cryptocurrency exchange. While Trump's pardon of CZ made a big splash in the cryptocurrency industry, the White House has made new statements regarding CZ's pardon.
White House Statement on Review Process
According to the White House, CZ's pardon followed a thorough review. White House Press Secretary Karoline Leavitt stated at a press conference that the decision to pardon Binance founder Changpeng Zhao was made after a comprehensive review. Leavitt indicated that the process was meticulously reviewed and concluded by both the Justice Department and the White House Counsel's Office. Leavitt further emphasized that CZ's pardon went through standard review procedures before reaching President Donald Trump's desk for final approval.
Clarification on Personal Acquaintance
Leavitt also clarified President Trump's previous statement that he did not know CZ. She explained that his statement was not intended to indicate unawareness of her case, but rather that he did not know her personally. Trump's words were meant to convey that he did not know Zhao personally and that he did not have a personal relationship with CZ.
Context of Political Correctness
Leavitt also underscored that CZ's pardon was a measure aimed at correcting the political excesses of the previous Biden administration. These statements from Leavitt came in response to criticism from some US political circles that the pardon constituted preferential treatment.
CZ's Legal Situation
As a reminder, CZ pleaded guilty to failing to maintain an effective anti-money laundering program in 2023. He was sentenced to four months in prison before President Trump approved the pardon.