President Donald Trump on Thursday formally pardoned Changpeng Zhao, the founder of cryptocurrency exchange Binance, who pleaded guilty to money-laundering charges in 2023.
The Wall Street Journal, which first reported the pardon, noted that it came “following months of efforts by Zhao to boost the Trump family’s own crypto company.”
According to the Journal, Binance has been a major financial booster of World Liberty Financial, the crypto venture backed by the Trump family that has added an estimated $5 billion to its total wealth.
“Binance has been one of the main drivers of the growth of World Liberty’s dollar-pegged cryptocurrency, called USD1,” the Journal reported. “It delivered World Liberty’s first big break this spring when it accepted a $2 billion investment from an outside investor paid in USD1. Binance has also incentivized trading in USD1 across platforms it controls.”
Critics of the president hammered him for pardoning Zhao, whose company willfully flouted reporting requirements that allowed money to flow to terrorists, cybercriminals, and child abusers. As flagged by CBS News reporter Scott MacFarlane, prosecutors also found that Binance “critically undermined the effectiveness of US sanctions against Iran by providing its Iranian customers the ability to transact with the US customers.”
Journalist Isaac Saul described Zhao as “comically corrupt” and said that his pardon would be “a monthslong scandal in any other normal administration,” given the role Binance has played in boosting the Trump family’s personal wealth.
Tommy Vietor, co-host of the Pod Save America podcast, was aghast at the brazenness of Trump’s latest actions.
“Binance willfully failed to report transactions on its platform by al-Qaeda, ISIS, Hamas, and Palestinian Islamic Jihad,” he wrote on X. “But then Trump’s crypto company made a multibillion-dollar deal in partnership with Binance, so Trump gave the founder a pardon. Shockingly brazen corruption.”
Chuck Todd, the former host of NBC News’ “Meet the Press,” demanded that Republicans in Congress start doing their jobs and investigate the president’s pardons.
“I know the GOP’s tolerance for government corruption has never been higher, but the obvious pay-to-play pardon scam for Trump family business partner Changpeng Zhao must make some elected GOPer squeamish,” he said. “A normal functional congressional majority would do things like ‘Oversight hearings’ on what looks like obvious corrupt act like this one, and yet, cue the crickets.”
Several Democratic politicians pounced on Trump’s latest pardon, which they called evidence of unprecedented corruption.
“Make Trump rich and he’ll gladly pardon you for your crimes,” wrote Sen. Patty Murray (D-Wash.). “Most corrupt administration in history. Meanwhile, he doesn’t give a damn if you can’t afford healthcare next year.”
Sen. Richard Blumenthal (D-Conn.) argued that pardoning Zhao “rewards corruption” and said it makes the Trump administration “look like a RICO organized crime enterprise.”
Rep. Sean Casten (D-Ill.) expressed fury that the president would feel emboldened to pardon a criminal who helped boost his own net worth by billions of dollars.
“Trump got paid,” he wrote. “And in exchange, he is rewarding a criminal who will use his new freedom to make every single American less safe. Get furious. I sure as hell am, and wish we had a single Republican who was willing to support ANY oversight.”
Sen. Elizabeth Warren (D-Mass.) also demanded congressional Republicans do their jobs and act as a check on the executive branch—and she warned them of political consequences if they failed to do so.
“If Congress does not stop this kind of corruption, it owns it,” she said.
Rep. Pramila Jayapal (D-Wash.) noted that Trump, who commuted the prison sentence of notoriously corrupt former Rep. George Santos (D-NY) less than a week ago, seems to have a soft spot for wealthy white-collar criminals.
“Trump’s pardons and embrace of fraudsters—all to support his corruption—is just outrageous,” she said. “So much for Republicans as the so-called party of ’law and order.‘ Insurrectionists, fraudsters, criminals—oh my.”