US lawmaker: Trump pardoned Changpeng Zhao in pay-to-play scheme

Representative Maxine Waters, the top Democrat on the U.S. House Financial Services Committee, has strongly criticized President Donald Trump's decision to pardon Binance founder Changpeng Zhao, according to Cointelegraph. In a statement, Waters argued that Trump is granting special favors to crypto criminals who suit his interests. She said that while the pardon of Zhao—who pleaded guilty to charges of abetting illegal transactions including money laundering, child abuse, and drug trafficking—is shocking, it is not surprising given Trump's track record. Waters alleged that Zhao had lobbied Trump and his family for several months and invested a significant sum in World Liberty Financial, a DeFi project promoted by the Trump family. The representative asserted that the pardon was effectively a reward for these actions and a typical example of a pay-to-play transaction under the Trump administration.