Representative Maxine Waters has accused President Donald Trump of corruption and giving “massive favors to crypto criminals” after Trump granted a pardon to Binance founder Changpeng Zhao, alleging the decision was influenced by financial contributions from the crypto industry.
Waters, a Democrat and Chair of the House Financial Services Committee, labeled the pardon a “national disgrace,” asserting that Trump used presidential power to reward individuals involved in financial crimes. She stated the action was “a natural extension of a presidency defined by corruption, self-interest, and loyalty to criminals over hardworking American families.”
🚨 Maxine Waters accuses Trump of corruption following pardon of Changpeng Zhao, Binance founder.
She calls the pardon a “favor to criminals in the crypto world.”
Waters denounces the influence of the crypto lobby on the presidential decision.
She demands an investigation into ties…— Diario฿itcoin (@DiarioBitcoin) November 9, 2023
The congresswoman suggested the pardon for Zhao, who was convicted of failing to implement an effective anti-money laundering program, might be “payment for that favor.” She claimed Zhao exerted influence through multi-million dollar contributions to Trump-associated entities, including the crypto conglomerate World Liberty Financial.
“With this decision, the financial crimes for which Zhao was convicted are legitimized,” Waters said in a statement released Thursday, which was reported by The Block. She called it “a brazen example of the type of corruption Trump and his administration are known for.”
Waters demanded a congressional investigation into the potential financial ties between President Trump and executives in the cryptocurrency sector. She described the episode as “a direct threat to public trust in the American justice system.”
Zhao pleaded guilty in 2023 and served four months in prison, being released in September 2024. He paid a fine of $50 million, and Binance, the company he co-founded, agreed to a separate $4.3 billion settlement.
President Trump defended the pardon, stating that it “was recommended by many people” and that Zhao “had no identifiable victims,” according to an official White House statement. However, Waters’ remarks have fueled a broader political discussion.
Waters has consistently been a vocal critic of the White House’s growing engagement with the crypto ecosystem. She has previously questioned attempts to “institutionalize digital money” without adequate regulatory safeguards, arguing such efforts prioritize business interests over consumer protection and could “open the door to unchecked fraud and speculation.”
For Waters, the pardon confirms her belief that “large digital fortunes are buying impunity in Washington.” She warned that pardoning individuals convicted of serious financial crimes signals that wealth can circumvent justice.
The situation adds to political tensions, with speculation that Trump might consider pardoning other prominent figures in the crypto world, such as former FTX head Sam Bankman-Fried or Tornado Cash developer Roman Storm. Waters underscored the urgency of strengthening financial laws to prevent economic power from distorting U.S. politics, stating, “No one—neither crypto billionaires nor the presidents who protect them—should be above the law.”