Former President Donald Trump has issued a pardon to billionaire crypto king Changpeng Zhao, Binance's CEO, in a move that many see as a clear quid pro quo with the president's family firm. In announcing the pardon, Trump claimed that Zhao was "persecuted" by Joe Biden's Justice Department, part of what the White House called a "war on cryptocurrency." However, this assertion is simply not supported by fact.
Under a carefully negotiated deal, Binance agreed to pay $4 billion in fines and serve only four months in prison for Zhao. At the time, it was seen as a clear "victory" for Binance, which allowed its founder to escape severe penalties while still facing significant financial consequences. Critics of Biden's approach to corporate crime had long complained about what they saw as lenient treatment of big companies like Binance.
Even though some analysts initially thought that the deal might not have much impact on Binance's business, critics say that it was actually a sweetheart deal that allowed Zhao to keep all his money and control of the company. The CEO even got to handpick his successor CEO. "He got to keep all his money, control of Binance, and was allowed to handpick his successor CEO," said Dennis Kelleher, CEO of financial reform nonprofit Better Markets.
Progressive critics have long criticized Biden's Justice Department for its handling of corporate crime cases, which they say has been too lenient. Prosecutions of corporate criminals fell to a record low during Biden's final year in office, according to Public Citizen earlier this year. However, critics like Bart Naylor, a financial policy advocate with Public Citizen, argue that the deal Binance received is an example of what can happen when politicians and regulators put their interests ahead of the law.
The pardon also comes as part of Trump's broader efforts to promote cryptocurrency and reverse perceptions of the federal government's attitude towards it. By pardoning Zhao directly tied his pardon to the Biden administration's "war on cryptocurrency," and in doing so, he also pardoned a man whose business is linked with his own family's ventures.
Experts say that if reporting on the financial ties between Binance and Trump's business ventures is accurate, the pardon is perhaps the most overtly corrupt in American history. "Zhao helps the Trumps make billions and gets a pardon," said Frank Bowman, a University of Missouri law professor who studies pardons.
The Intercept has long covered authoritarian governments, billionaire oligarchs, and backsliding democracies around the world. We understand the challenge we face in Trump and the vital importance of press freedom in defending democracy.
Under a carefully negotiated deal, Binance agreed to pay $4 billion in fines and serve only four months in prison for Zhao. At the time, it was seen as a clear "victory" for Binance, which allowed its founder to escape severe penalties while still facing significant financial consequences. Critics of Biden's approach to corporate crime had long complained about what they saw as lenient treatment of big companies like Binance.
Even though some analysts initially thought that the deal might not have much impact on Binance's business, critics say that it was actually a sweetheart deal that allowed Zhao to keep all his money and control of the company. The CEO even got to handpick his successor CEO. "He got to keep all his money, control of Binance, and was allowed to handpick his successor CEO," said Dennis Kelleher, CEO of financial reform nonprofit Better Markets.
Progressive critics have long criticized Biden's Justice Department for its handling of corporate crime cases, which they say has been too lenient. Prosecutions of corporate criminals fell to a record low during Biden's final year in office, according to Public Citizen earlier this year. However, critics like Bart Naylor, a financial policy advocate with Public Citizen, argue that the deal Binance received is an example of what can happen when politicians and regulators put their interests ahead of the law.
The pardon also comes as part of Trump's broader efforts to promote cryptocurrency and reverse perceptions of the federal government's attitude towards it. By pardoning Zhao directly tied his pardon to the Biden administration's "war on cryptocurrency," and in doing so, he also pardoned a man whose business is linked with his own family's ventures.
Experts say that if reporting on the financial ties between Binance and Trump's business ventures is accurate, the pardon is perhaps the most overtly corrupt in American history. "Zhao helps the Trumps make billions and gets a pardon," said Frank Bowman, a University of Missouri law professor who studies pardons.
The Intercept has long covered authoritarian governments, billionaire oligarchs, and backsliding democracies around the world. We understand the challenge we face in Trump and the vital importance of press freedom in defending democracy.
This pardon deal is so suspicious 
! Like someone's trying to make a big payday 
while breaking all rules 
. I mean, $4 billion fine seems pretty low for Binance 
. And Zhao getting to pick his own successor? 
That just smells like a conflict of interest 
.
If true reporting on Trump's family ties to Binance comes out, this pardon could be the most corrupt in history 
! Like someone's putting their own interests ahead of justice 
, but this takes it to a whole new level 
.
! We need real accountability for these crimes 
and not just some sweetheart deals 
.
, pardon for cpo's just because he's some big crypto player is lowkey shady. Zhao gets a slap on the wrist and can still handpick his successor ceo? that doesn't sound like justice to me 
. I mean, who exactly did Zhao do to deserve such leniency? And what about all the other crypto executives who are probably shaking in their boots knowing they can get away with similar offenses without facing the same consequences? This whole thing reeks of corruption and abuse of power 
. And now, Zhao gets to keep all his money and control of the company? That's just not right 
.
. A $4 billion fine and only 4 months in prison for Binance's CEO? That sounds like a pretty 'sweet' deal to me 
. It just goes to show that big corporations have way too much power and influence in the US, especially when it comes to politics 
. The facts just show that Binance got a pretty slap on the wrist compared to what they could have faced. Progressives are right, though - if you're going to make a deal with a big corporation, it should be because of the law, not because of personal friendships 
.
. I mean, who gets a slap on the wrist for $4 billion in fines? It's not like they were caught red-handed or anything 
. It just shows that our politicians are more interested in lining their own pockets than serving the public interest 
The fact that Zhao gets a pardon directly tied to his family's business ventures? That's just wrong 
.
He's been through so much already and now this pardon thing... it's just not fair 
I can see why people are saying it was a quid pro quo deal, like he got off way too easy 
. And now, with this pardon, it's like the Trumps are using him as a pawn to promote cryptocurrency and hurt Biden's administration 
. It's just so corrupt and shady 
. This whole thing is making me really anxious 
seriously though, who gets a pardon just cuz they're buddies with the ex-president? it feels like trump is trying to buy influence and get his friends rewarded instead of holding them accountable. Zhao got off scot-free while biden's justice department was supposed to be doing its job 
. We need some real accountability here, not this watered-down nonsense 
. We need to keep an eye on this one, folks 
.
.
and zoah gets to keep all his money and control of binance? that's wild 
. And the fact that Trump tied his pardon to "the war on cryptocurrency" is just laughable 
.