WASHINGTON, D.C.— Statement from Amanda Fischer, Better Markets COO and Policy Director, on today’s announced presidential pardon of  Changpeng Zhao (CZ), the co-founder and former CEO of Binance who pled guilty to enabling money laundering in 2023:

“Today’s decision to pardon Changpeng Zhao (CZ) is perhaps the most brazen signal that the Trump Administration has given the green light to crypto crime. Binance and its founder already plead guilty to willful violations of anti-money laundering and sanctions laws and were found to have knowingly facilitated, and profited from, illegal transactions to Iran, Cuba, Syria, and Russian-occupied regions of Ukraine. However inadequate that settlement and CZ’s sentencing may have been, today’s subsequent pardon is a slap in the face to the rule of law.

This pardon welcomes CZ back to doing business in the U.S. and may prematurely end the Department of Justice’s monitoring program of Binance. CZ’s crypto company will profit, but American investors and market integrity will pay the price.

It does not go unnoticed that this pardon comes on the heels of Binance’s shadowy $2 billion deal and continued investment in the President’s crypto empire. Shame on all the lawmakers that, in the last Administration, accused Binance of violating sanctions and facilitating payments to terrorist organizations like Hamas and have now gone silent once CZ ingratiated himself into the President’s inner circle.”

###

Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.