Warren, Durbin, and Blumenthal Seek Answers on Reported Pardon Bid by Binance Founder Changpeng Zhao
Senators raise concerns as Binance uses Trump stablecoin for business deal and Republicans try to jam through crypto legislation that will benefit President Trump and his family
“The convergence of Mr. Zhao’s pardon application and Binance’s financial entanglements with the President’s family presents urgent concerns regarding the integrity of our justice system.”
Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, Dick Durbin (D-Ill.), Ranking Member of the Senate Judiciary Committee, and Richard Blumenthal (D-Conn.), Ranking Member of the Permanent Subcommittee on Investigations, sent a letter to Deputy Attorney General Todd Blanche and White House Counsel David Warrington requesting information on reports that Changpeng Zhao, the founder and majority owner of Binance, has submitted an application for a presidential pardon from President Trump amid Trump’s growing financial entanglements with Binance.
In 2023, Mr. Zhao pleaded guilty to violating the Bank Secrecy Act for failing to maintain an effective anti-money laundering program at Binance and was sentenced to four months in prison and fined $100 million. Binance was also forced to pay more than $4 billion as part of one of the largest corporate enforcement actions in U.S. history. In the letter, the Senators raise concerns about the potential for financial and political influence to undermine the integrity of the pardon process
“Mr. Zhao still owns 90% of the company,” the Senators emphasized. “But on May 5, Mr. Zhao confirmed on a podcast that he has officially applied for a presidential pardon.”
The senators are asking the Department of Justice and the White House to provide clarity on whether officials have communicated with Mr. Zhao or Binance representatives, whether any pardon application has been received or reviewed, and what impact a pardon could have on ongoing enforcement or Mr. Zhao’s business activities in the U.S. In the letter the lawmakers detail a timeline of recent developments, including Binance’s business dealings with Emirati firm MGX using a stablecoin associated with the President, and the SEC’s temporary pause in civil enforcement against Binance.
“The Trump and Witkoff families stand to personally pocket millions of dollars as a result of the deal involving Binance,” the Senators wrote. “These circumstances—involving billions of dollars in penalties and foreign investments, presidential family business interests, and the potential nullification of criminal sanctions—demand the highest levels of scrutiny to ensure that our justice system is operating free from inappropriate political and financial influence.”
Last week, Senate Republicans attempted to ram through the GENIUS Act — legislation that would expand the stablecoin market without the most basic protections against the President’s conflicts of interest or foreign corruption and necessary safeguards against money laundering. While last week’s vote failed, Leader Thune could bring the legislation back to the floor at any time.
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