25th October 2025 – (Washington) A prominent United States legislator has publicly criticised President Donald Trump’s decision to grant clemency to Changpeng ‘CZ’ Zhao, founder of the cryptocurrency exchange Binance. The presidential pardon, announced on Thursday, has ignited substantial political controversy regarding the administration’s priorities.
Congresswoman Maxine Waters issued a formal statement characterising the move as effectively legitimising financial misconduct. She asserted the pardon provides its recipient with implicit approval to continue operating within the cryptocurrency sector without adequate regulatory constraints, potentially exposing ordinary investors to financial risk.
Zhao had previously entered a guilty plea in 2023 to charges of enabling money laundering activities through his digital asset platform. The legal resolution required Binance to forfeit over $4 billion, with Zhao personally liable for $50 million in penalties. As part of the settlement, he had agreed to relinquish his executive position within the company.
In response to the presidential action, Zhao expressed gratitude through his social media channel, acknowledging President Trump’s commitment to “fairness, innovation, and justice.” He further pledged to support initiatives aimed at establishing American leadership within the digital currency sector and advancing blockchain technology globally.
The congressional criticism emerged alongside ongoing federal government closures, with Waters noting the administration’s apparent focus on cryptocurrency pardons rather than resolving the political impasse affecting public services. The legislator described the clemency decision as reflecting a pattern of prioritising personal connections over public welfare.
