Trump's Crypto Pardon Raises Eyebrows and Questions

Controversial Pardon of Binance's CZ

A recent presidential pardon has ignited a fierce debate. The focus is on Changpeng Zhao, commonly known as CZ, the head of Binance, the world's largest crypto exchange. CZ was found guilty of violating anti-money laundering rules in 2023. Binance was fined a staggering $4 billion, while CZ himself paid $50 million and served four months in jail.

The Pardon and Its Justification

The pardon was issued by President Donald Trump. The White House stated that the Biden administration had been overly harsh on the crypto industry, declaring that the "war on crypto is over." However, not everyone agrees with this decision.

Criticism and Controversy

The Wall Street Journal, owned by Rupert Murdoch, published a scathing opinion piece. They highlighted that Binance recently handled a $2 billion transaction linked to the Trump family's cryptocurrency, just days before CZ sought a pardon. The Journal left it to readers to decide if there was a connection.

Trump defended his decision, claiming that many people had asked him to pardon CZ. He asserted that CZ was not guilty of any wrongdoing. However, CZ himself admitted in his plea deal that he had ignored illegal activities on his platform, including money laundering for terrorists and cybercriminals. Over $890 million was moved between the U.S. and Iran through Binance.

Public and Expert Reactions

Even billionaire Joe Lonsdale criticized the pardon, stating that it makes it appear as though there is big fraud around Trump in the crypto world. The Wall Street Journal argued that the pardon is reminiscent of a similarly controversial pardon by Bill Clinton.

Questions About Presidential Judgment

The pardon has raised serious questions about the president's judgment and has become a hotly debated topic, garnering significant attention.