- US President Donald Trump granted former Binance CEO Changpeng Zhao a presidential pardon; however, key Democratic lawmakers heavily criticize the gesture.
- Senators Maxine Waters and Elizabeth Warren’s critiques appeared to be the loudest, alleging that the President’s pardon for CZ is an act of corruption rooted in selfish interest.
- CZ corrects critics, maintaining he was never convicted of money laundering.
- Trump says he never met CZ, but offered him clemency based on recommendations.
Following Binance Founder and Former CEO Changpeng Zhao’s pardon by US President Donald Trump, there have been a series of outbursts by Democrats, citing what they allege to be a form of financial lobbying by CZ through funding the President’s crypto family business with billions of dollars. CZ has debunked critics’ emphasis on him being complicit in money laundering, stating that there were no money laundering charges in his case.
CZ Pardon Sparks Positive Industry Sentiment
Federal prosecutors had alleged that the entrepreneur knowingly did not implement effective anti-money laundering protections, thereby facilitating transactions from sanctioned countries and criminals. On October 21, Trump issued an individual pardon to CZ for a “failure to maintain an effective anti-money laundering program,” according to the US Justice Department’s Office of the Pardon Attorney.
The pardon implies that CZ’s conviction has ceased to bear any legal consequences within the US. It cuts off any remaining penalties or restrictions attached to the case, and facelifts his integrity in the US and global crypto, economic, and business climates.
Celebrative of the clemency grant, CZ said he is “deeply grateful,” citing the move as proof of Trump’s commitment towards “fairness, innovation, and justice” within the country. Felicitations have also poured in from industry stakeholders and crypto enthusiasts worldwide, over what most supporters believe would positively impact the industry.
Democrats Allege Trump Corruption In CZ Pardon
Meanwhile, Democrats have heavily criticized the pardon as one rife with President Trump’s personal interest. Several top Democratic lawmakers have stressed that the Binance founder is undeserving of the clemency gesture based on allegations that he lobbied his way to it via a multi-billion-dollar support to the Trump family’s crypto enterprise.
In her statement, ranking Congresswoman Maxine Waters called out the President for “doing massive favors for crypto criminals who have helped line his pockets.”
“CZ has spent months lobbying Trump and his family while funneling billions into Trump’s personal crypto company, World Liberty Financial,” said Waters. “The pardon was the payoff and a blatant example of the kind of pay-to-play corruption that Trump and his Administration continue to engage in.”
Also, Senator Elizabeth Warren alleged that “CZ pleaded guilty to a criminal money laundering charge,” adding that he lobbied for a pardon by financing Trump’s stablecoin.
Trump Never Met CZ; Pardon Was Recommended
CZ has since set the record straight on Warren’s allegations, making it clear that “there were no money laundering charges.” He called Warren out for publicly declaring a “war on crypto” a few days before his sentencing and weaponizing Biden’s DOJ against the crypto industry.
President Trump spoke to journalists yesterday, saying he does not know CZ personally and doubts they ever met. He added that the pardon was based on recommendations from “a lot of people” who said he was unjustly imprisoned and persecuted by the Biden administration.
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