Rep. Maxine Waters Critiques Trump's Pardon of Binance Founder CZ

Congresswoman Maxine Waters has criticized President Donald Trump for his recent pardon of Changpeng ‘CZ’ Zhao, the founder of Binance, in a statement made on October 23. She argues that the pardon undermines justice and enables further misconduct in the cryptocurrency industry.

Key Takeaways

Maxine Waters condemned Trump's pardon of CZ and its implications for cryptocurrency regulation.
Waters highlighted Trump's lack of attention towards pressing national issues while aiding crypto criminals.
The public is divided in their reactions to the pardon, which could potentially allow Zhao to return to his position at Binance after previous legal troubles.

Waters’ Statement Against Trump’s Crypto Clemency

In her statement released on Thursday, Rep. Maxine Waters did not hold back in her criticism of the Trump administration’s choice to pardon Changpeng Zhao, stating that it effectively validates the crimes related to Zhao's conviction. She expressed concern that this decision allows him to continue operating Binance without sufficient safeguards for the investments of everyday Americans.

“As the federal government remains at a standstill, causing workers to miss paychecks and healthcare costs to rise, Donald Trump appears uninterested in working with Democrats to find solutions. Instead, he opts to support crypto criminals who have benefited financially from his actions,” Waters stated. “Trump's pardon of Zhao is a shocking reflection of his presidency, which is characterized by corruption and favoritism towards those who harm working-class families in America.”

CZ Responds Gratefully to His Pardon

The news of Trump's pardon for the former CEO of Binance surfaced on Thursday, stirring a mix of approval and criticism from the public and lawmakers alike. Changpeng Zhao pleaded guilty to money laundering offenses at Binance in 2023, leading the exchange to agree to pay over $4 billion in forfeitures while Zhao himself was fined $50 million to settle the high-profile case.

Despite these legal issues, the presidential pardon raises the possibility of Zhao returning to his role as CEO of Binance. On October 23, Zhao expressed his gratitude in a post on X (formerly Twitter): “I am deeply grateful for today’s pardon and thank President Trump for reaffirming America’s commitment to fairness, innovation, and justice. We will do everything we can to ensure that America becomes the global leader in cryptocurrency and advance web3 globally.”