President Donald Trump on Thursday pardoned convicted billionaire crypto executive Changpeng Zhao, the co-founder of Binance.

The most popular exchange by volume, Binance has positioned itself as a key booster for the Trump family's crypto venture, World Liberty Financial.

“President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency," White House Press Secretary Karoline Leavitt said in a statement.

Leavitt argued that the Biden administration sought to impose a stiffer prison sentence on Zhao despite "no allegations of fraud or identifiable victims."

"These actions by the Biden Administration severely damaged the United States’ reputation as a global leader in technology and innovation," Leavitt said. "The Biden Administration’s war on crypto is over."

The Wall Street Journal first reported the development.

This is a developing story and will be updated.