Trump pardons Binance founder: pay-to-play scandal?

Trump pardons Binance founder: pay-to-play scandal?

On November 3, 2025, US President Donald Trump issued a controversial pardon. He pardoned Changpeng Zhao, the founder and former CEO of Binance, one of the world's largest cryptocurrency exchanges. This came during an interview with “60 Minutes,” in which Trump remarked, “I don’t know who he is.” This statement caused surprise, especially given Zhao's prominent role in the crypto industry.

Changpeng Zhao, a billionaire, pleaded guilty in 2023 to violating anti-money laundering laws. This pardon caused a stir in the political arena. Critics, including Senator Elizabeth Warren, have accused Trump of creating a “pay-to-play” situation. Warren explained that Trump's connection to the world of cryptocurrencies, and to Zhao in particular, was of dubious standing.

Accusations and political reactions

In addition to Warren, Senator Chris Murphy was also critical, questioning the integrity of Binance's operations and the circumstances of the pardon. Murphy sees a connection between the pardon and possible corrupt dealings in the background. However, Trump has maintained that he was unaware of the dealings of World Liberty Financial (WLF), a crypto venture linked to his family. He explained that he is busy with other matters and pointed out that his sons are involved in this field, which he considers a promising industry.

Companies like Binance play a significant role in the cryptocurrency market. Binance even co-developed the code for the $1 stablecoin launched by WLF. Additionally, UAE-backed investment firm MGX has invested $2 billion in Binance, significantly increasing the company's market capitalization.

Cryptocurrency Policy Change

Trump has taken a varied stance on cryptocurrencies throughout his political career. During his first term, he called Bitcoin a “fraud” and called for stricter regulations on the industry. But during his 2024 election campaign, his tune changed significantly due to support from the crypto lobby. As a result, the US government took a more positive stance towards cryptocurrency regulation.

The pardon of Changpeng Zhao could thus be seen as part of Trump's new course in the cryptocurrency debate, although accusations of self-interest and involvement in questionable dealings continue to be loud. This situation will undoubtedly continue to influence discourses on financial regulation and political ethics in the United States.

For more details on this story read: u.today.