​​​​​​WASHINGTON

US President Donald Trump pardoned Changpeng Zhao, the convicted founder of crypto exchange Binance, the White House confirmed Thursday.

"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," spokesperson Karoline Leavitt said in a statement.

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

Binance, the world's largest cryptocurrency exchange, pleaded guilty in 2023 to violating anti-money laundering requirements, sanctions violations and unlicensed money transmitting.

It agreed to pay more than $4 billion in damages, and has been unable to operate in the US as a result. As part of the investigation, Zhao, the company's CEO and founder, pled guilty to failing to maintain an effective anti-money laundering program.

He was released from prison in September 2024 after serving a four-month sentence.

The Wall Street Journal, which initially reported on Trump's pardon, said Binance hired lobbyist Ches McDowell earlier this year to push for a pardon for Zhao. Binance separately has been a main supporter of the World Liberty Financial crypto venture, which has ties to Trump's family, the Journal reported.

While a version of Binance has continued to operate in the US, Binance.US, the larger company has not, and Trump's pardon may open the door for the parent company's return.