Trump Pardons Binance CEO CZ Amid Controversy Over Crypto Money Laundering Conviction

President Donald Trump pardoned Changpeng "CZ" Zhao, founder of Binance, who had pleaded guilty to violating the US Bank Secrecy Act and was fined billions for failing to maintain an effective anti-money laundering program. The pardon has sparked bipartisan criticism, with Democrats like Rep. Maxine Waters and Sen. Ruben Gallego condemning it as an example of corruption and pay-to-play politics, especially given Zhao's lobbying efforts and financial ties to Trump-affiliated crypto ventures such as World Liberty Financial. Republicans have also expressed concern, with Sen. Thom Tillis stating that pardoning a convicted individual sends a bad signal. Trump justified the pardon by citing recommendations from various people and asserting that Zhao was not guilty of any wrongdoing. The Biden administration's prosecution of Zhao was described by White House Press Secretary Karoline Leavitt as an "overly prosecuted case" in a purported "war on cryptocurrency." The Senate is currently debating cryptocurrency regulation legislation, with Democrats pushing to curb the influence of crypto entities like Binance and prevent the Trump family from profiting from the industry, though Republican opposition is expected.