US President Donald Trump has pardoned Binance founder Changpeng Zhao, creator of the world’s largest cryptocurrency exchange, who went to prison last year for failing to prevent criminals from using his platform to launder money connected to child sex abuse, “terrorism” and drug trafficking.

In a statement, White House press secretary Karoline Leavitt said on Thursday 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”.

Zhao and Binance have been closely linked to the Trump family’s crypto companies. As such, the president’s decision to pardon Zhao is viewed by some as a conflict of interest. US economist and former Labor Secretary Robert Reich called Trump’s move part of

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