Former President Donald Trump has issued a controversial pardon to Changpeng Zhao, the billionaire co-founder of Binance, following Zhao's conviction for money laundering, which saw him serve four months in prison after pleading guilty in 2023.
The White House justified the pardon by framing it as a response to the Biden administration's perceived hostility towards the cryptocurrency industry, labeling Zhao as a victim of this “war on crypto.”
Trump's decision has ignited fierce political backlash, drawing criticism from leaders across both parties, including Rep. Maxine Waters and Senator Elizabeth Warren, who decry it as a blatant act of political favoritism and corruption.
The pardon raises unsettling questions about the intersection of wealth and justice, suggesting that Zhao's financial influence and connections facilitated his unexpected clemency.
Following the announcement, cryptocurrencies linked to Zhao and Trump experienced notable price increases, reflecting a potential resurgence of optimism in certain sectors of the crypto market.
This act further exemplifies Trump's ongoing trend of using executive power to pardon individuals closely tied to his business interests, highlighting a recurring theme of privilege in legal matters.