Changpeng Zhao, founder of Binance, is seeking a pardon from President Trump for money-laundering violations. He has been out of prison for two years and is backed by a sophisticated influence operation, employing lobbyists with ties to Trump.

Zhao’s campaign is notable as many seeking pardons pay substantial fees to lobbyists. The implications of his pardon could be significant for the cryptocurrency industry, as his team is using strategies that have previously helped secure preferential treatment from Trump.

Publicly, Zhao has praised Trump’s crypto policies, while behind the scenes, his team has hired lobbyists with connections to Trump. Binance also had a business relationship with the Trumps, profiting their crypto firm, World Liberty Financial.

Both Zhao and Binance pleaded guilty to serious crimes in 2023 due to a flawed compliance system. The Trump administration is considering granting clemency, with pardon applications from both Zhao and Binance currently under review.

The potential political fallout of a pardon for Zhao has been discussed among Trump’s advisors. Democrats are concerned that pardons could be used to reward Binance for directing business to World Liberty Financial, potentially setting a precedent for other crypto industry leaders facing similar charges.

Read more at Yahoo Finance: Binance Founder Zhao Seeks Pardon From Trump For Money-Laundering Violations