WATCH LIVE: White House holds press conference as Trump pardons founder of cryptocurrency exchange Binance

WASHINGTON (AP) — President Donald Trump has pardoned Binance founder Changpeng Zhao, who created the world’s largest cryptocurrency exchange and served prison time after failing to prevent criminals from using the platform to move money linked to child sexual abuse, drug trafficking and terrorism.

White House Press Secretary Carolyn Leavitt is scheduled to hold a press conference at 1 p.m. ET. Watch in the player above.

Zhao had previously asked Trump for a pardon.

He has deep ties to World Liberty Financial, a cryptocurrency project launched by the Republican president and his sons Eric and Donald Jr. in September.

Trump’s latest financial disclosure report reveals that he earned more than $57 million last year from World Liberty Financial, which launched USD1, a stablecoin pegged 1-to-1 to the US dollar.

World Liberty Financial also recently announced that a UAE investment fund will use US$2 billion to buy a stake in Binance. Chao also said publicly that he had asked Trump for a pardon that could overturn his conviction.

White House press secretary Carolyn Leavitt said in a statement on Thursday that the Biden administration prosecuted Zhao due to a “desire to punish the cryptocurrency industry.” It said there were “no allegations of fraud or identifiable victims,” although Chow in November pleaded guilty to one count of failing to maintain an anti-money laundering program.

“I failed here,” Chow told the court last year. “I deeply regret my failure, and I am sorry.”