Changpeng Zhao (CZ), the founder of Binance, rebuffed US Senator Elizabeth Warren’s accusations that he was guilty of money laundering. In a recent post on X, Zhao asserted that Warren ‘can’t get her facts right’ and insisted, ‘There were NO money laundering charges.’

Zhao clarified that he had pleaded guilty to violating the US Bank Secrecy Act for not maintaining a proper Anti-Money Laundering (AML) program, which resulted in a four-month prison sentence in April 2024.

Warren’s allegations included claims that Zhao funded President Donald Trump’s stablecoin and lobbied for a presidential pardon. In her criticism, she remarked, ‘If Congress does not stop this kind of corruption, it owns it.’

Zhao’s troubles with the law have sparked a broader backlash, with Representative Maxine Waters expressing similar frustrations regarding Trump’s pardons, referring to them as favoritism towards individuals involved in dubious financial practices.

As discussions about Zhao and his connections to the Trump administration unfold, concerns over potential corruption within political spheres continue to rise.