Donald Trump pardons Binance founder Changpeng Zhao

Trump’s most recent financial disclosure report reveals he made more than $57 million last year from World Liberty Financial, which has launched USD1, a stablecoin pegged at a 1-to-1 ratio to the U.S. dollar.

World Liberty Financial also recently announced that an investment fund in the United Arab Emirates would be using $2 billion worth of USD1 to purchase a stake in Binance. Zhao also has publicly said that he had asked Trump for a pardon that could nullify his conviction.

White House press secretary Karoline Leavitt said in a statement Thursday that the Biden administration prosecuted Zhao out of a “desire to punish the cryptocurrency industry.”

She said there were “no allegations of fraud or identifiable victims,” though Zhao had pleaded guilty in November to one count of failing to maintain an anti-money-laundering program. “I failed here,” Zhao told the court last year. “I deeply regret my failure, and I am sorry.”