Flattery, Lobbyists, and a Business Deal: Crypto’s Richest Man Campaigns for a Pardon
By Kenneth P. Vogel and David Yaffe-Bellany | The New York Times, August 9, 2025
Changpeng Zhao, the Chinese-born billionaire founder of Binance—the world’s largest cryptocurrency exchange—has embarked on an ambitious campaign seeking a pardon from former President Donald Trump. This move follows his 2023 guilty plea to U.S. money-laundering violations, which resulted in a four-month federal prison sentence. His push for clemency is being driven by a sophisticated influence operation involving flattery, lobbyists, and strategic business partnerships that could significantly impact the future of his company and the cryptocurrency industry in the United States.
From Prison to Pardon Bid
In 2023, as Zhao prepared to plead guilty to charges that Binance’s flawed compliance system had allowed illicit money to move through its platform, he undertook an extensive study of high-profile business figures who had received presidential pardons. Among those he examined were Marc Rich and Michael Milken, notable tycoons whose clemency efforts offer a blueprint for his own campaign.
Having served his sentence, Zhao is now aggressively seeking clemency. His approach goes beyond legal avenues, employing a calculated political and public relations strategy designed to appeal both publicly and behind the scenes.
A Calculated Influence Operation
Zhao’s campaign utilizes a combination of public praise and private lobbying efforts. Publicly, he has lauded former President Trump’s cryptocurrency policies during podcast interviews, aligning himself with the political figure who holds the clemency power. Behind the scenes, Zhao’s team has engaged lobbyists connected to the Trump orbit, ensuring access to key political players.
Crucially, Binance has developed a business relationship with the Trump family itself. This includes a deal that benefited World Liberty Financial, the Trump family’s own cryptocurrency firm, thereby weaving economic incentives into the pardon bid. Such partnerships illustrate the sophisticated tactics Zhao and Binance are deploying—mirroring the playbook of wealthy interests who have successfully secured favorable treatment under the Trump administration.
Political and Industry Stakes
The potential pardon carries considerable significance for the cryptocurrency sector. Granting clemency to Zhao could smooth Binance’s path to deeper integration within the U.S. market, overcoming regulatory barriers erected due to the company’s legal troubles. The Trump administration has reportedly received pardon requests not only from Zhao but also from Binance itself.
Sources briefed on the matter suggest that the White House is actively reviewing these applications. Moreover, advisers close to Trump have privately discussed the possibility of issuing a pardon, carefully weighing the political ramifications it could entail.
Broader Context
Zhao’s campaign stands out amid a broader trend where numerous pardon seekers are engaging high-priced lobbyists and lawyers with ties to Trump. However, the combination of Zhao’s stature as crypto’s wealthiest figure, the sector’s massive financial implications, and Binance’s clever melding of public support, lobbying, and business agreements mark this effort as exceptionally well-orchestrated.
This case underscores the ongoing intersection of politics, business, and influence in Washington, where access and strategic alliances can play a decisive role in legal outcomes—even after convictions for serious crimes like money laundering.
For continued coverage on this story and related political and cryptocurrency news, stay tuned to The New York Times.