Could a billionaire crypto mogul, once entangled in legal woes, secure a presidential pardon through savvy connections?
The New York Times reported that Changpeng Zhao, the founder of Binance, the world’s leading cryptocurrency exchange, is making waves with a high-stakes campaign to clear his name after pleading guilty to serious U.S. charges.
Zhao’s saga, from building a crypto empire to navigating a pardon push intertwined with ties to the Trump family’s business ventures, encapsulates a dramatic clash of finance, politics, and regulatory scrutiny.
Back in 2017, Zhao, a Chinese-born Canadian citizen known as CZ, launched Binance, which swiftly grew to handle up to two-thirds of global crypto trades.
With a net worth pegged at $70 billion, he became the richest figure in the industry, amassing a huge social media following among digital asset enthusiasts.
Fast forward to 2023, and Zhao’s empire hit a wall when he and Binance admitted to money-laundering violations.
The charges revealed that the platform had enabled transactions for customers in sanctioned nations and even terrorist groups like Hamas.
As a result, Binance coughed up a staggering $4.3 billion in fines and agreed to exit the U.S. market. Zhao himself paid a $50 million penalty, stepped down as CEO, and served a four-month federal prison sentence, though he kept his ownership stake in the company.
While preparing for his guilty plea, Zhao reportedly studied clemency cases of notable figures like Marc Rich and Michael Milken. Clearly, this was a man planning his next move even as the legal hammer fell.
Now out of prison, Zhao has launched an aggressive campaign for a presidential pardon, enlisting lobbyists with deep ties to President Trump’s inner circle. His legal team, led by Teresa Goody Guillén of BakerHostetler, a former S.E.C. lawyer, is pushing hard for what they call “executive relief.”
Guillén’s social media post, declaring “amnesty deserved for the government’s attack on crypto,” reeks of defiance against regulatory overreach.
But let’s be real—when you’ve admitted to breaking laws, painting yourself as a victim of a witch hunt takes some serious spin.
Binance and Zhao have shelled out at least $220,000 to BakerHostetler since early this year for lobbying on digital asset issues, alongside $30,000 to Perspective Strategies, another firm with Trump connections. They’ve also partnered with Checkmate Government Relations, led by Ches McDowell, who boasts personal links to Donald Trump Jr.
Here’s where it gets murky: Zhao’s pardon push coincides with Binance’s cozy dealings with World Liberty Financial, a crypto venture tied to the Trump family.
A deal saw Binance select the firm to handle a $2 billion investment from an Emirati fund, shortly after Zhao was photographed with Zach Witkoff, the firm’s co-founder, at an event in Abu Dhabi.
Democrats are sounding alarms, suggesting a pardon might be a quid pro quo for steering business to the Trump-linked company.
Senator Richard Blumenthal of Connecticut warned, “It provides a gold-plated path to additional deals.” While skepticism of political motives is healthy, one wonders if this is less about principle and more about scoring partisan points against a conservative administration.
Blumenthal doubled down, claiming a pardon “lets criminals off the hook to the personal profit of the president and his family.” That’s a spicy accusation, but without hard evidence, it risks sounding like the kind of overblown rhetoric progressives often wield to demonize business ties.
The White House has confirmed receiving pardon applications from both Zhao and Binance, with advisers reportedly weighing the political fallout. A pardon could pave the way for Binance to re-enter the U.S. market, where it’s been sidelined since 2023 after several states revoked licenses for its affiliate, Binance.