Former Binance CEO Changpeng “CZ” Zhao’s pardon by U.S. President Donald Trump followed a high-stakes lobbying campaign involving millions of dollars and key political connections in Washington.
Zhao, who served a four-month sentence last year for violating U.S. anti-money laundering laws, was the focus of a Politico report detailing Binance’s behind-the-scenes effort to secure his freedom.
Binance Mobilized Lobbying Network
According to the report, Binance hired Ches McDowell — a close associate of Donald Trump Jr. — and his North Carolina-based firm, Checkmate Government Relations, to lobby the White House and Treasury Department for “executive relief.”
The firm received $450,000 for one month of work and earned over $7.1 million in just three months.
In February, Binance and Zhao also retained crypto lawyer Teresa Goody Guillén, once considered for the SEC chair role under Trump. Her firm earned $290,000 from Binance this year alone.
Political Fallout and Criticism
The pardon drew strong criticism from Democratic lawmakers, with Representative Maxine Waters calling it a “massive favor for crypto criminals.”
Trump defended his decision, claiming Zhao was “persecuted by the Biden administration” and that “what he did is not even a crime.”
Waters dismissed that defense, saying the pardon followed months of lobbying and “funneling billions into Trump’s personal crypto company, World Liberty Financial.”
Despite the backlash, the move underscores Trump’s increasingly open stance toward the crypto sector as his administration embraces industry ties.
