Trump's Pardon for CZ Follows Extensive Lobbying Efforts
The pardon of former Binance CEO Changpeng Zhao by President Trump was facilitated by a costly lobbying campaign in Washington.
Former Binance CEO Changpeng “CZ” Zhao’s pardon by President Donald Trump was the result of a significant lobbying effort in Washington. Zhao, who served a four-month sentence last year for breaching U.S. Anti-Money Laundering regulations, gained from months of lobbying by Binance and its legal advisors to sway influential individuals close to Trump, as reported by Politico.
In late September, Binance recruited Ches McDowell, an associate of Donald Trump Jr., to advocate for them in the White House and the Treasury Department. McDowell and his firm, Checkmate Government Relations, reportedly received $450,000 for just one month of lobbying work. Checkmate has generated $7.1 million in just three months.
Related: Binance founder CZ’s presidential pardon is not an acquittal
Binance and CZ Paid $290,000 to Ex-SEC Nominee Teresa Goody Guillén
Shortly after Trump took office in February, Binance and Zhao also hired Teresa Goody Guillén, a lawyer once shortlisted for the SEC chair position under Trump. This year alone, her firm has received $290,000 in fees from Binance and Zhao.
Binance’s recent lobbying efforts follow a previous expenditure of over $1 million in 2022, before they halted operations following a plea deal in 2023.
Trump’s press conference
Source: The White House
Under the Trump administration, Binance has already allocated $860,000 for lobbying this year and has strengthened its connections through partnerships, including one with World Liberty Financial, an initiative linked to Trump.
Related: Polymarket bets that Sam Bankman-Fried gets pardon surge to 12%
Maxine Waters Criticizes Trump’s Decision to Pardon CZ
Recently, U.S. Representative Maxine Waters voiced her disapproval of Trump’s pardon, labeling it a “massive favor for crypto criminals.” Trump defended his action by stating that Zhao was unfairly targeted by the Biden administration and claimed Zhao’s actions were not criminal.
However, Waters described the pardon as “appalling but not surprising”, referencing Zhao’s admission of guilt regarding money laundering violations. She asserted that the pardon was influenced by extensive lobbying efforts and claims of Zhao directing billions to Trump’s personal crypto enterprise, World Liberty Financial.
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