Changpeng Zhao, the billionaire founder of crypto exchange Binance, received a pardon after months of boosting a crypto venture owned by President Donald Trump's family.

According to The Wall Street Journal, Trump signed off on the pardon on Wednesday. Advisers said that the president sympathized with claims that the Biden administration prosecuted Zhao for political reasons.

In 2023, Binance pleaded guilty to violating U.S. anti-money-laundering requirements. The pardon cleared the way for the world's largest crypto exchange to resume operations in the U.S.

Binance has been a key supporter of World Liberty Financial (WLF), a crypto business tied to Trump's family. Bloomberg reported that Binance helped create, promote, and support WLF's USD1 stablecoin.

The Financial Times recently reported that Trump and his family have earned over $1 billion in profit through crypto ventures. Eric Trump, however, told the outlet that the family's earnings were "probably more" than had been estimated.

White House Press Secretary Karoline Leavitt said that Trump had "exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency."

"The Biden Administration's war on crypto is over," she added.