10/23/2025
From Forbes: The latest in-your-face corruption from Donald Trump
Binance co-founder Changpeng Zhao assisted Donald Trump’s family with the launch of its stablecoin, one that could yield tens of millions of dollars annually. On Thursday, Zhao received a pardon from the Republican president.
Zhao pleaded guilty in 2023 to failing to maintain an effective anti-money-laundering program. His exchange facilitated transactions for the military wing of Hamas, hackers and money launderers, and let some customers trade with residents of Iran in contravention of US sanctions, prosecutors said. Between 2018 and 2022, Binance allegedly processed at least 1.1 million transactions that violated sanctions, worth about $898 million.
But that’s all in the past now. Pardoning Zhao marks the latest act of clemency Trump has granted to a crypto entrepreneur, underscoring how he has positioned himself as a friend of the industry—and how Trump’s family has enriched itself while doing so.
Trump also pardoned Silk Road founder Ross Ulbricht, who was serving life in prison for allowing criminal activity to flourish on the dark web marketplace. Asked Thursday to respond to accusations that the latest pardon amounted to a corrupt bargain, a White House spokesperson said the decision was “thoroughly reviewed” by Trump