Trump’s CZ Pardon Has the Crypto World Bracing for Impact

Changpeng Zhao, the multibillionaire founder of crypto exchange Binance, spent four months last year locked in a federal prison. After US president Donald Trump pardoned Zhao in October, the government has recast him as a martyr.

Zhao, who goes by CZ, pleaded guilty in November 2023 to failing to maintain an effective anti-money-laundering program at Binance. In parallel, Binance admitted to violating US sanctions and settled with financial regulators, which accused the company of failing to report…