As reported by Bloomberg, on October 23 (local time), U.S. President Trump issued a pardon to Zhao Changpeng, the co-founder of the cryptocurrency exchange Binance. This decision stands as one of Trump's notable gestures in backing the cryptocurrency sector. Zhao had earlier been convicted to a four-month prison term and a hefty fine of $4.3 billion for breaching U.S. anti-money laundering laws. Trump remarked that Zhao had faced 'persecution' under the Biden administration and insisted that he had 'never had the pleasure of meeting Zhao Changpeng.' He further clarified that the pardon was granted following appeals from a multitude of influential individuals. A spokesperson for the White House stated that Trump was exercising his constitutional right to grant the pardon. This act of clemency could potentially clear the path for Binance's re-entry into the U.S. market and might even lead to an early conclusion of the Department of Justice's supervisory oversight of Binance. In response, Zhao took to social media to express his gratitude to Trump and shared his vision of contributing to making the U.S. a thriving center for cryptocurrencies.