President Donald Trump has pardoned Binance founder Changpeng Zhao, a move that could help overseas cryptocurrency giants like Binance and Tether penetrate the mainstream American financial system.
The pardon came after Zhao pleaded guilty to anti-money laundering violations in 2023. Trump’s move is a significant shift towards welcoming overseas companies, including those with a history of controversy.
Tether, which issues a digital token known as USDT, has long been criticized for its product being used to skirt money-laundering laws and violate sanctions. The company denies any wrongdoing but faces questions over the amount of money backing its stablecoin.
Trump’s pardon of Zhao comes amidst criticism from lawmakers, who are currently working on a major overhaul of crypto regulations. Democrats have called for ethics language in a bill targeting the Trump family’s entanglements in digital assets.
The move has also raised concerns that doing business with the Trump family could become a necessity to stay competitive in the nearly $4 trillion market.
Trump’s administration claims it is fulfilling its promise to make the US the crypto capital of the world by driving innovation and economic opportunity for all Americans. However, some experts argue that this approach could be beneficial, forcing overseas firms to adapt to US regulations to access the American market.
Source: https://www.politico.com/news/2025/11/04/trump-turns-crypto-pariahs-into-power-players-00635406