Did Binance Buy CZ’s Grace? The underside of kindness that worries Washington
The presidential pardon granted to Changpeng Zhao, the former CEO of Binance, is sending shockwaves through the crypto ecosystem. Behind this political decision, the intense lobbying work carried out in powerful circles in Washington raises many questions about the growing influence of large crypto exchanges.
A lobbying campaign organized in circles close to Trump
After serving four months in prison for violating anti-money laundering laws in the United States, Changpeng Zhao received a presidential pardon from Donald Trump. If this decision surprised some of the public, it was the result of carefully organized lobbying.
In September, Binance launched a political offensive by hiring Checkmate Government Relations, a lobbying firm with close ties to Trumpist circles. The company is headed by Matt Palmisano, a lobbyist known for his ties to Donald Trump Jr., the son of the former US president.
The signed contract amounted to USD 450,000 for a single month of intervention, an amount that testifies to the urgency and purposefulness of the mission: to influence Donald Trump’s entourage at a critical moment when the presidential decision to pardon CZ was still being discussed.
At the same time, Changpeng Zhao personally challenged Teresa Goody Guillén, a lawyer and former member of the SEC. Her reputation in the crypto ecosystem, combined with her background as an expert in financial regulation, made her an ideal vehicle to plead her case to US institutions.
She received $290,000 for her contribution, which likely consisted of providing legal and policy arguments in support of the clemency request, while also building a bridge between cryptocurrency advocates and policymakers.
The two actions were not isolated. They were part of a long-term effort that began long before this crucial deadline. By 2022, Binance has earmarked significant sums, exceeding a million dollars, for lobbying activities in Washington.
An additional $860,000 was invested in 2025, the grace year, bringing the known spending to nearly $2.6 million over three years. This persistence clearly shows a desire to build lasting influence, not only to protect CZ, but also to shape US crypto policies in an increasingly regulated environment.
Policy responses, ethical implications and impact on industry
The granting of clemency by Donald Trump caused shockwaves in the political class. Maxine Waters, an influential figure in the Democratic Party, did not mince her words, condemning the decision, which she said represented a “huge favor to crypto criminals.” This release highlights the ideological divide between certain political figures and major players in the blockchain industry.
Beyond the controversy, the affair crystallizes wider issues. First, it shows that crypto-platforms are no longer simple technology startups: today they play a strategic role, as evidenced by their ability to influence state decisions. He then questions the transparency and legitimacy of the presidential pardon process when it can be activated through heavily funded private channels.
From a regulatory perspective, this case could lead to increased scrutiny of lobbying activities in the crypto sector. It also raises the question of the platforms’ responsibility towards their managers when they are the direct targets of criminal actions.
Finally, for the crypto community, this presidential pardon represents a semblance of victory, but in reality it may fuel increased mistrust from regulators and the public. It could slow standardization efforts by other players in decentralized finance who want to build a more stable ecosystem that is more integrated into the global financial system.