Karoline Leavitt confirmed the pardon took place on Wednesday, October 22. Changpeng Zhao was indicted for violating the BSA in 2023.

White House Press Secretary Karoline Leavitt confirmed in a statement that Trump granted a pardon to Changpeng Zhao, founder of Binance, on Wednesday, October 22.

Zhao was prosecuted during the Joe Biden administration in what the current administration calls "a war on crypto." The press secretary added: "The Biden administration's war on crypto is over."

Changpeng Zhao was indicted in November 2023 for "violating the BSA by causing Binance to fail to implement an effective anti-money laundering program." The quote is from the U.S. Department of Justice's Criminal Division website.

According to the Federal Deposit Insurance Corporation (FDIC), "BSA is the common name for a series of laws and regulations enacted in the United States to combat money laundering and the financing of terrorism."

Analysts at the Wall Street Journal expressed the opinion that the pardon granted to the Binance founder will pave the way for the exchange to return to the United States. Binance has limited its service to U.S. users since September 2019.