Changpeng “CZ” Zhao, the former CEO of Binance, received a pardon from President Donald Trump following a significant lobbying effort that cost around $450,000 to lobbyists associated with Trump and $290,000 to ex-SEC chair candidate Teresa Goody Guillén.

Zhao served a four-month prison term linked to breaches of US Anti-Money Laundering laws. His pardon was facilitated by Binance’s legal and lobbying teams as they sought to influence pivotal individuals in Trump’s circle, as reported by Politico.

In September, Binance enlisted Ches McDowell, a close associates of Donald Trump Jr., hiring his political consulting firm, Checkmate Government Relations, to advocate on behalf of Zhao.

Checkmate reportedly received $450,000 for its lobbying efforts. The firm earned a total of $7.1 million in the past three months, according to the same report.

Zhao also retained Teresa Goody Guillén, earning her firm $290,000 during this year. Binance’s lobbying pursuit saw the company invest over $1 million in total last year.

Maxine Waters Critiques Trump’s Decision

Recently, US Representative Maxine Waters criticized Trump’s decision to pardon Zhao, labeling it a “significant favor for crypto criminals.” Trump maintained that Zhao was “persecuted by the Biden administration”, claiming his actions weren’t criminal.

Waters condemned the pardon, citing Zhao’s previous plea of guilt to money laundering charges and suggesting it was a result of substantial lobbying coupled with significant financial contributions to Trump’s ventures.