(WASHINGTON) — President Donald Trump has pardoned Binance co-founder Changpeng Zhao, White House press secretary Karoline Leavitt confirmed to ABC News on Thursday.

Zhao pleaded guilty in 2023 to a money laundering charge.

The pardon comes as Zhao made recent moves to boost World Liberty Financial, a cryptocurrency company that Trump’s sons, Eric and Donald Jr., launched earlier this year.

Leavitt said in a statement that Trump “exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.”

“In their desire to punish the cryptocurrency industry, the Biden Administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims. The Biden Administration sought to imprison Mr. Zhao f

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