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Maxine Waters Accuses Trump of Corruption Over Binance Founder CZ Pardon
Donald Trump has granted a full pardon to Binance founder Changpeng Zhao (CZ), igniting fierce backlash from Democrats who accuse his administration of corruption and favoritism toward crypto allies during an ongoing government shutdown.
Democrats Blast “Corrupt” Pardon Decision
Representative Maxine Waters condemned the move, calling it “an appalling but unsurprising reflection” of Trump’s presidency, which she said was defined by “corruption, self-interest, and loyalty to criminals over working-class Americans.” Zhao had previously pleaded guilty in 2023 to violating U.S. money laundering laws and served four months in federal prison before stepping down as Binance CEO.
The White House confirmed the pardon Thursday, with Press Secretary Karoline Levitt defending it as a step to end “the Biden Administration’s war on crypto.” Waters, however, alleged that Zhao had funneled billions into Trump’s personal crypto company, World Liberty Financial, describing the pardon as a “pay-to-play payoff.”
Crypto Ties Under the Microscope
Trump’s growing ties to the crypto industry have sparked renewed scrutiny over whether his administration’s policies favor personal financial interests. Reports suggest that Trump’s family earned around $1 billion from crypto ventures, while Binance invested billions into World Liberty Financial.
When questioned about the pardon, Trump dismissed allegations of corruption, saying, “You don’t know much about crypto… you’re fake news.” He claimed the pardon was made “at the request of a lot of very good people” who insisted Zhao’s actions were not criminal.
Industry Reaction and Speculation
Following the pardon, Binance insiders and market analysts suggested the move could pave the way for CZ’s potential return as CEO, possibly accelerating Binance’s U.S. expansion. Peter Chung of Presto Research told Decrypt that the decision could “turbocharge institutional investment” and advance Trump’s vision of making America the “Capital of Crypto.”
Meanwhile, rumors are circulating about a potential pardon for FTX founder Sam Bankman-Fried, though experts consider it highly unlikely given his 25-year fraud sentence and the lingering backlash from the previous crypto bull run.
