White House "Changpeng Zhao pardon, exercise of constitutional authority…case was an example of excessive enforcement"

JH Kim

Summary

The White House stated officially that Changpeng Zhao's pardon is an exercise of the constitutional pardon power.
It emphasized that this measure was a decision to correct the U.S. government's excessive enforcement regarding alleged violations of anti-money laundering rules.
It reported that in the market, following President Trump's decision, Binance token BNB rose up to 8%% and showed an immediate reaction.

The White House said the decision by U.S. President Donald Trump to pardon Binance founder Changpeng Zhao (CZ) was an "exercise of the constitutional pardon power." It said the measure was a decision to correct excessive enforcement by the U.S. government regarding alleged violations of anti-money laundering rules.

According to business breaking news channel Walter Bloomberg on the 23rd (local time), a White House spokesperson said, "The pardon of Changpeng Zhao was reviewed by the White House Counsel and is part of the president's exercise of his constitutional pardon power."

The White House added, "This case was judged to be an instance that went beyond the scope of regulatory enforcement," and emphasized, "The pardon measure is a decision to restore fairness and legal balance."

It also added, "President Trump is exercising the clemency power guaranteed by the Constitution."

This pardon is interpreted as a move in which President Trump reaffirmed 'revitalizing the virtual asset (cryptocurrency) industry' and 'easing excessive regulation' as core economic policy stances. In the market, Binance token BNB showed an immediate reaction, rising as much as 8%.