President Donald Trump pardoned Changpeng Zhao, the Chinese-born Canadian billionaire founder and majority owner of cryptocurrency exchange Binance.

“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,” White House press secretary Karoline Leavitt wrote 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.”

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