U.S. President Donald Trump has pardoned the convicted Binance co-founder Changpeng “CZ” Zhao, the White House press secretary said Thursday, accusing Trump’s predecessor Joe Biden of behaving in a “very hostile” manner toward the crypto industry.

Binance was created in 2017, and swiftly became the world’s largest cryptocurrency exchange by volume, turning Zhao into a billionaire.

Following an investigation into the firm’s operations, Zhao pleaded guilty to violating U.S. laws against money laundering in late 2023, and served a four-month prison sentence for it in 2024.