Former Binance CEO Changpeng “CZ” Zhao was granted a full pardon by President Donald Trump, following a notable lobbying campaign in Washington that raised questions about the interplay between crypto-industry influence and executive clemency.
The lobbying effort is reported to have included six-figure payments to prominent firms linked to Trump’s inner circle and targeted White House counsel and Treasury lobbying.
Binance, the world’s largest crypto exchange, had previously settled with U.S. authorities committing billions in fines and accepting compliance oversight after Zhao pleaded guilty to violating anti-money-laundering laws. The pardon removes a major legal barrier for Zhao and opens speculation about Binance’s future U.S. strategy.
Lobbying Tactics and Political Implications
The lobbying initiative reportedly began months before the clemency was granted. Binance retained firms with direct access to Trump-related networks and invested substantial sums to shape the legal environment and secure executive relief. Some lobby firms were paid significant fees within short periods, drawing attention from regulators and Congress.
This case signals that the crypto industry is increasingly willing to deploy traditional political-influence tools to reverse regulatory outcomes. The pardon also revives questions about how political alignment, campaign support and financial backing may create advantages or perceptions of advantage for certain crypto firms.
Risks, Markets Implications & What to Watch
For Binance, the pardon may remove a critical obstacle to U.S. market re-entry and restore some of its appeal among institutional partners. However, the spectre of regulatory scrutiny remains. Observers will watch whether the U.S. Department of Justice or the Securities and Exchange Commission revisit fines, oversight obligations or freeze-outs tied to the company’s past misconduct.
In the broader crypto market, this development could embolden firms to invest heavily in Washington lobbying and regulatory maneuvering. It may also shift risk premia: tokens and platforms linked to Binance may see asset-flow effects, but such gains may be offset by reputational or legal backlash if regulators respond.
Key indicators to monitor going forward include changes in Binance’s U.S. licensing strategy, movements of its native token (BNB) and disclosures around campaign or lobbying expenditures. As previously covered, the crypto sector is not just about code and tokens anymore – political capital now competes with pure technology as a core asset.
