9 months ago
Trump Pardons Binance Founder Changpeng Zhao Amid Financial Scheme Accusations
Imagine someone ran a big online store for digital money, like Bitcoin.
This person, named Changpeng Zhao, was found guilty of letting bad people use his store to hide dirty money.
He had to pay a lot of money and was banned from running the store for a while.
But then, the President decided to forgive him, like a get-out-of-jail-free card.
Some people think this pardon might be because the store's technology is being used by a company connected to the President's family, potentially making them rich.
Others say the President just likes to pardon people who made money through financial deals, even if they broke rules.
It's like letting a celebrity off the hook because they know someone important, even though they did something wrong.
President Trump officially pardoned Changpeng Zhao, founder of the global crypto exchange Binance.
Zhao pleaded guilty to money laundering charges, and Binance agreed to pay $4.3 billion to US authorities.
Critics allege the pardon is linked to Binance's involvement with a Trump family crypto firm, suggesting financial benefit.
Trump has characterized Zhao's prosecution as a politically motivated 'crypto witch-hunt'.
The pardon is seen by critics as part of a broader pattern of Trump pardoning financial criminals and promoting a speculative economy.
- Who
- President Trump and Changpeng Zhao, founder of Binance
- What
- President Trump officially pardoned Changpeng Zhao, who had pleaded guilty to money laundering charges related to his cryptocurrency exchange, Binance.
- Where
- United States
- When
- Last week
- Why
- Critics suggest the pardon is linked to potential financial benefits for the Trump family through a crypto firm that uses Binance's technology. Trump has framed the original prosecution as a political witch-hunt.
Critics of the Pardon
Trump's Stance/Potential Justification
Nature of Binance's Activities
Critics of the Pardon
Binance, under Zhao's leadership, facilitated transactions for illicit entities like al-Qa'eda, Isis, Hamas, ransomware hackers, and child pornography distributors.
Trump's Stance/Potential Justification
The article does not directly present Trump's counter-argument on Binance's activities but frames his actions as pardoning financial criminals.
Connection to Trump Family Business
Critics of the Pardon
Zhao's pardon might be linked to his company, Binance, providing the foundational code for a 'stablecoin' issued by the Trump family's crypto firm, potentially funneling billions into Trump family coffers.
Trump's Stance/Potential Justification
Trump has attempted to characterize Zhao's prosecution as a 'Biden-era crypto witch-hunt', suggesting political motivation behind the charges.
Pattern of Pardons
Critics of the Pardon
Trump is engaging in an unprecedented pattern of pardoning financial criminals, including those guilty of fraud, such as Trevor Milton of Nikola and Ross Ulbricht of Silk Road.
Trump's Stance/Potential Justification
The article implies Trump's actions align with a broader agenda of supporting a speculative 'casino economy' that benefits the wealthy and corporations, rather than traditional manufacturing or a social safety net.
Key facts
- Pardoned Individual
- Changpeng Zhao (Founder of Binance)
- Original Charges
- Money Laundering
- Binance's Fine
- $4.3 billion (paid to US authorities)
- Zhao's Personal Fine
- $50 million
- Zhao's Sentence
- Four months in jail
- Trump's Classification
- Financial criminal
Quotes
Unidentified Source
Source commenting on Binance's business dealings
“willing to do work with al-Qa’eda, Isis, Hamas, ransomware hackers, and kiddie-porn enthusiasts”
theweek.com
“bear the downside risk, while corporations and the wealthy collect the upside”
theweek.com
Alex Kirshner
Commentator on Slate
“run of pardoning financial crooks”
theweek.com
“pardoned or commuted the sentences of 18 people or companies... guilty of fraud”
theweek.com
Kyla Scanlon
Commentator in The New York Times
“casino economy”
theweek.com
“built on speculation and risk”
theweek.com
Jim Geraghty
Commentator in National Review
“stunning in its shamelessness, recklessness, and moral inversion”
theweek.com
Max Chafkin
Commentator on Bloomberg
“joked about Hamas operatives using the service to buy weapons”
theweek.com




