The senators allege the pardon signals white-collar criminals can evade consequences by enriching the president.
Seven Democratic senators sent an open letter on Oct. 28 to Attorney General Pam Bondi and Treasury Secretary Scott Bessent questioning President Trump’s Oct. 23 pardon of Binance founder Changpeng “CZ” Zhao.
The senators, led by Elizabeth Warren, alleged the pardon undermines federal law enforcement and was influenced by financial ties between Binance and the Trump family’s crypto venture, World Liberty Financial , according to the letter. The senators stated the pardon “communicates to cryptocurrency executives and other white collar corporate criminals that the law doesn’t matter.”
The letter requests answers to four questions by Nov. 4, including whether Trump’s business ties to Zhao influenced the pardon decision. The other senators who signed the letter are Chris Van Hollen, Bernard Sanders, Mazie Hirono, Richard Blumenthal, Jack Reed, and Jeffrey Merkley.
Alleged Financial Connections
The senators detailed business links, including WLFI’s USD1 stablecoin being minted on the Binance Smart Chain in March. Emirati firm MGX used $2 billion in USD1 to invest in Binance in May, creating what the letter describes as “a revenue stream that could be worth tens of millions of dollars annually” flowing to Trump and his family.
The Trump Organization’s income surged 17-fold in early 2025, with cryptocurrency ventures accounting for $802 million.
Political and Legal Fallout
Rep. Ro Khanna announced plans to introduce legislation banning politicians from crypto trading in response to the pardon. The bill was originally planned for release on Oct. 28 but has not yet materialized at the time of writing. Khanna called the move “blatant corruption” during interviews with MSNBC.
Zhao is considering a libel lawsuit against Warren over her X post claiming he pleaded guilty to money laundering, according to the New York Post, which reviewed a draft letter from his lawyer. Warren’s post stated CZ “pleaded guilty to a criminal money laundering charge,” which his lawyer Teresa Goody Guillen contests as false.
Zhao pleaded guilty in 2023 to failing to maintain an effective anti-money laundering program at Binance and served four months in prison before his release in September 2024.
Binance paid more than $4 billion in fines as part of the settlement.
next