- Waters characterised the pardon as a “payoff.”
- President Trump pardoned CZ on Thursday.
- CZ served four months in prison last year.
Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, blasted US President Donald Trump’s decision to pardon Binance founder Changpeng Zhao.
On Thursday, Waters slammed the move, which comes amid the country’s second-longest government shutdown that has left federal workers furloughed.
“Trump is doing massive favours for crypto criminals who have helped to line his pockets,” Waters said in her statement.
Zhao, who also goes by CZ, served four months in prison in 2024 for failing to prevent criminals and other bad actors from laundering billions of dollars through Binance, according to court filings. The Department of Justice also fined Binance $4.3 billion.
“CZ has spent months lobbying Trump and his family while funnelling billions into Trump’s personal crypto company, World Liberty Financial,” Waters said. “The pardon was a payoff and a blatant example of the kind of pay-to-play corruption that Trump and his Administration continue to engage in.”
Waters’ excoriating statement reignited allegations by Democrats in Washington that Trump’s crypto connections are more than ideological; they are transactional.
Reports of a possible pardon for CZ have been circulating since March amid claims of deepening ties between the Trump family and Binance.
On Thursday, White House Press Secretary Karoline Leavitt told DL News that President Trump “exercised his constitutional authority” to pardon Zhao. Leavitt also said CZ’s prosecution was part of the “war on cryptocurrency” under the Biden Administration.
The US crypto industry has enjoyed a more favourable relationship with the White House since President Trump took office.
That includes appointments to key positions, such as the Securities and Exchange Commission.
President Trump is also linked to a sprawling crypto empire that includes World Liberty Financial, a DeFi project valued at more than $3.8 billion, according to Kraken data.
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@dlnews.com.
