House Speaker Mike Johnson faced scrutiny over the apparent inconsistency between his criticism of President Biden’s pardons and former President Trump’s admission of not knowing the crypto billionaire he pardoned. Johnson had previously criticized Biden, accusing him of being unaware of his pardons, yet when confronted with Trump’s similar situation, he claimed ignorance of the interview. This exchange highlighted the contrast between Johnson’s stated standards for presidential pardons and Trump’s actions, especially concerning the pardon of Changpeng Zhao, who pleaded guilty to money laundering charges. Johnson’s response to the situation was similar to his previous responses when confronted about Trump’s other statements.
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In a recent interview, former President Donald Trump claimed ignorance regarding his pardon of Binance founder Changpeng Zhao, who was convicted of money-laundering. Despite the pardon coming shortly after a multibillion-dollar deal between Binance and World Liberty Financial, a crypto venture founded by Trump’s sons, the former president stated he didn’t know Zhao and viewed the case as a “Biden witch hunt.” Trump’s response also included a comment that his sons were “into it” and he thought crypto was “a great industry.” The pardon has raised concerns about the appearance of corruption, especially given Binance’s reported efforts to secure the pardon following Trump’s election win, according to reports.
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During a Q&A session, Donald Trump responded to a question from CNN’s Kaitlan Collins about his pardon of Binance founder Changpeng Zhao with a dismissive rant, claiming he didn’t know much about crypto. Zhao, who served four months in prison for violating anti-money laundering regulations, had lobbied for the pardon. Trump stated he pardoned Zhao based on recommendations and reiterated his lack of knowledge about the situation. Zhao denied any deal-making in exchange for the pardon.
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The pardon of Binance founder Changpeng Zhao by Donald Trump has sparked criticism from prominent figures, including Trump supporter Joe Lonsdale, who questioned the president’s advisors. Zhao was convicted of money-laundering violations and served four months in jail. The pardon follows a deal between Binance and the Trump family’s crypto venture, raising concerns of potential conflicts of interest, as well as accusations of corruption from Democrats. Despite these concerns, Trump stated he acted on the advice of others, admitting he was unfamiliar with Zhao.
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In a move that has sent ripples through the crypto world, President Trump has pardoned Changpeng Zhao, founder of the world’s largest cryptocurrency exchange, Binance, after he served time for failing to prevent criminal activity on the platform. The pardon, announced by the White House, follows a request from Zhao, a prominent figure in the industry, and comes as Trump has shown a hands-off approach to crypto regulation and a support for the industry. This is consistent with Trump’s pattern of clemency for allies and a perceived overreach by the current administration, which had pursued Zhao for violating the Bank Secrecy Act. The pardon has potentially significant implications for Binance’s operations and appears to be connected to the Trump family’s financial interests in the crypto space.
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Former Binance CEO Changpeng Zhao, who pleaded guilty to money laundering charges, has been pardoned by President Trump. The White House justified the pardon by citing the Biden administration’s alleged “war on cryptocurrency” and lack of fraud victims in Zhao’s case. Senator Elizabeth Warren criticized the pardon, labeling it as “corruption” due to Zhao’s prior guilty plea and alleged support for Trump’s crypto ventures. Zhao’s pardon followed his November 2023 guilty plea and the company’s $4.3 billion settlement with the Department of Justice, where he was sentenced to only four months in jail.
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John Q. Hosedrinker