Summarize the content using AI
The proposed pardon for Changpeng Zhao, the founder and former CEO of Binance, reportedly underwent standard review procedures before being presented for approval to President Donald Trump. During a press briefing on Tuesday, White House spokesperson Karoline Leavitt stated that the pardon was thoroughly evaluated by both the Department of Justice and the White House Office of Legal Counsel. Despite Trump acknowledging in a CBS News interview that he was not familiar with Zhao, the former president characterized the case as a “witch hunt” by the Biden administration.
Clarification from the White House Post-Trump Interview
Leavitt clarified that Trump’s remarks were misunderstood, explaining that the president meant he didn’t personally know Zhao. She emphasized the seriousness with which the pardon process was undertaken, stating, “Qualified legal experts from the Department of Justice and the White House Office of Legal Counsel meticulously review every pardon request that reaches the president.”
Leavitt also noted that Zhao faced excessive prosecution from a politicized Department of Justice, echoing Trump’s criticism. Trump had commented in the interview, “I don’t know who he is. I think he had a four-month sentence. I heard it’s part of Biden’s witch hunt.”
Zhao as the Focus of Legal Proceedings
Last month, Trump had granted a pardon to Zhao, who was found guilty in 2023 for failing to implement an effective anti-money laundering program. Zhao served a four-month sentence and was released in September 2024. According to the Wall Street Journal, World Liberty Financial, known for its proximity to Trump, planned to acquire shares in Binance’s U.S. branch, Binance.US, ahead of Zhao’s potential pardon. However, the institution dismissed such claims as being politically motivated.
Meanwhile, Reuters reported that MGX, headquartered in Abu Dhabi, announced in May plans to utilize the USD1 stablecoin from World Liberty in a $2 billion investment deal with Binance. Binance CEO Richard Teng clarified that the company was not involved in the decision.
