CZ’s pardon follows expensive Binance lobbying in Washington

The pardon of former Binance CEO Changpeng “CZ” Zhao by US President Donald Trump came after an extensive and expensive lobbying campaign in Washington.

Zhao, who served a four-month prison sentence last year for violating US anti-money laundering (AML) laws, benefited from a months-long effort by Binance and its legal team to win over key figures in Trump’s orbit, Politico reported on Sunday.

In late September, Binance hired Chase McDowell, a close associate of Donald Trump Jr., and his North Carolina-based firm Checkmate Government Relations to lobby the White House and the Treasury Department on “executive relief.”

Checkmate, one of Washington’s fastest-growing companies, was paid $450,000 for a month’s work. According to Politico, the company has generated $7.1 million in revenue in the last three months alone.

Connected: Presidential pardon of Binance founder CZ is not an acquittal

Binance, CZ paid $290,000 to former SEC pick Teresa Goody Guillen

In February, shortly after Trump’s inauguration, Binance and Zhao also retained Teresa Goody Guillen, a crypto lawyer who was once considered for the SEC chair role under Trump. His firm has made $290,000 from Binance and Zhao this year alone.

According to the report, Binance’s latest lobbying efforts come after the company spent more than $1 million on lobbying in 2022 before ceasing operations following a 2023 plea deal.

This year, under the Trump administration, the company has already spent $860,000 on lobbying and expanded its presence through partnerships, including with the Trump-linked World Liberty Financial venture.

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Maxine Waters criticizes Trump for pardoning CZ

Last week, US Representative Maxine Waters condemned Trump’s pardon of CZ, calling it a “big favor to crypto criminals.” Trump justified the decision by saying that Zhao “was persecuted by the Biden administration” and “what he did is not even a crime.”