In 2023, as Changpeng Zhao, the founder of the cryptocurrency exchange Binance, faced a guilty plea for U.S. money-laundering violations, he began studying clemency politics. He immersed himself in books about business figures who had received pardons, such as Marc Rich and Michael Milken.
Two years later, Mr. Zhao, a billionaire born in China, is no longer in prison. He has launched his own pardon campaign, supported by a sophisticated influence operation. This operation mirrors those used by high-profile individuals seeking similar outcomes.
Mr. Zhao's efforts are notable, even amidst a climate where pardon seekers are investing significant sums in lobbyists and lawyers with connections to President Trump. The potential impact on the crypto industry is substantial. Mr. Zhao and his team are utilizing the established strategies that have proven successful for wealthy interests seeking favorable treatment from Mr. Trump.
Publicly, Mr. Zhao has expressed support for the president's crypto policies in podcast interviews. Privately, his team has engaged lobbyists with ties to Mr. Trump's network. Furthermore, Binance has established a business relationship with the Trumps, including a deal that benefited the family's crypto firm, World Liberty Financial.
4 Comments
Coccinella
Binance is a huge entity, and Zhao's leadership benefits many users.
Muchacho
He's trying to manipulate the system. It's an insult to the law-abiding citizens.
Habibi
Zhao's actions pre-Trump era. Perhaps, with the right changes, a pardon is warranted.
Bermudez
Binance users should be furious. Their platform's founder potentially gaming the system.