U.S. Representative Maxine Waters sharply criticized President Donald Trump for pardoning Binance founder and former CEO Changpeng “CZ” Zhao.
Trump granted the pardon on Thursday, stating that he had been told “what he did is not even a crime.” In response, Waters, the top Democrat on the House Committee on Financial Services, said in a statement that “Trump is doing massive favors for crypto criminals who have helped line his pockets.”
“Trump’s pardon of Binance founder Changpeng Zhao—who pleaded guilty to enabling money laundering and facilitating suspicious transactions involving child abusers, drug dealers, and terrorists—is an appalling but unsurprising reflection of his presidency,” Waters added.
Trump defended his decision, claiming, “It wasn’t a crime; he was persecuted by the Biden Administration.”
CZ received a four-month prison sentence in April 2024 after pleading guilty to violating the U.S. Bank Secrecy Act for failing to maintain an effective Anti-Money Laundering program at Binance. He was released from custody in September 2024.
Waters calls CZ pardon ‘pay-to-play’
Waters further accused CZ of lobbying Trump and his family for months while funneling billions into the president’s personal crypto venture, World Liberty Financial. She called the pardon “a blatant example of the kind of pay-to-play corruption that Trump and his administration continue to engage in.”
Her comments come amid reports that Trump’s second term has coincided with a significant increase in his personal wealth, fueled in part by a sprawling cryptocurrency empire built by the president and his family. These ventures are said to have generated over $1 billion in pre-tax profits over the past year.
Trump’s family has openly acknowledged these earnings, with Eric Trump claiming the actual profits were “probably more.”
World Liberty Financial drives family fortune
World Liberty Financial, the DeFi company cited by Waters, was founded by Trump’s sons and associates and has sold billions of dollars in tokens and stablecoins.
Trump disclosed $57.4 million in income from his involvement with WLFI in June, and the family’s stake in the company reportedly surged to $5 billion following a token unlock last month. Current estimates put the family’s earnings from WLFI this year at around $550 million.
