Original | Odaily Planet Daily
Author | Ding Dang
CZ, the founder of Binance, confirmed on a podcast on May 8 that his legal team has submitted a pardon application to U.S. President Trump on his behalf. This move has sparked widespread attention in the cryptocurrency industry regarding Trump's pardon policy.
As Trump returns to the White House in early 2025, he has signed pardons or commutations benefiting over 1,600 individuals, far exceeding the total from his first term. Cases of cryptocurrency-related criminals applying for or having received pardons are also emerging, reflecting a political game intertwined with emerging financial power, mirroring the deep 'alliance' between the cryptocurrency industry and Trump.
Cryptocurrency Figures Applying for Pardon
Zhao Changpeng (CZ): Founder of Binance Exchange
As the helmsman of Binance, the world's largest cryptocurrency exchange, CZ is considered a 'godfather' figure in the industry. In November 2024, CZ was sentenced to 4 months in prison and fined $50 million by the U.S. Department of Justice for violating the Bank Secrecy Act and failing to effectively implement anti-money laundering measures. Although the sentence is light, his career has been severely impacted. According to the U.S. Department of Justice, even if he receives a pardon, it will not erase his money laundering conviction, but may allow him to resume a management position at Binance.US.
Sam Bankman-Fried (SBF): Founder of FTX Exchange
FTX CEO Sam Bankman-Fried was once a shining star in the cryptocurrency industry, but due to the platform's collapse in 2022 and involvement in a fraud of billions of dollars in customer funds, he was sentenced to 25 years in prison in 2024 and had $11 billion in assets confiscated.
In his podcast in March 2025, he claimed that part of the reason for his 25-year sentence was his increasingly close relationship with the Republican Party before his arrest. In fact, SBF had donated over $40 million to 196 congressional members, including top Republicans and Democrats, which is equivalent to one-third of the members receiving funds from him. He also criticized former SEC Chairman Gary Gensler and the regulatory approach towards the cryptocurrency industry in interviews.
Reports indicate that SBF's parents—former Stanford Law School professors Barbara Fried and Joseph Bankman—are meeting with lawyers and others within Trump's circle to seek a presidential pardon for their son. Recently, SBF also made statements on social media about the difficulties of layoffs, which were criticized by the cryptocurrency community as an attempt to curry favor with the Trump administration.
Roger Ver: Early Bitcoin Evangelist
Known as 'Bitcoin Jesus', Roger Ver is a veteran figure in the cryptocurrency industry, having established his influence by promoting Bitcoin as early as 2011. However, in 2024, Ver was indicted by U.S. authorities for tax fraud and evasion, facing up to 7 years in prison.
Roger's wealth primarily comes from early Bitcoin investments, but his long-term residence in Japan and renunciation of U.S. citizenship have raised significant tax issues. It is reported that Roger has hired lawyers and lobbyists closely related to Trump in an attempt to escape his legal troubles through a pardon.
Cryptocurrency Figures Who Have Received Pardons
Ross Ulbricht: Founder of Silk Road
Ross Ulbricht was sentenced in 2015 to two life sentences plus 40 years for creating and operating the dark web market Silk Road, effectively a life sentence without the possibility of parole. Silk Road operated from 2011 to 2013 and was primarily used for anonymous drug transactions, widely regarded as the first real use case for Bitcoin.
On May 26, 2024, Trump promised at the Libertarian National Convention in Washington, D.C., that if he is re-elected president, he would reduce Ross Ulbricht's sentence on the first day. Trump stated that Ulbricht has already served 11 years, saying, 'We want to bring him home.' On January 21, 2025, he fulfilled his promise by signing a pardon and personally calling Ulbricht's family.
Arthur Hayes: Founder of BitMEX Exchange
Arthur Hayes, as the founder of BitMEX, has promoted the popularity of derivative trading in the cryptocurrency industry. However, in 2022, Hayes was sentenced to 6 months of house arrest and fined $10 million for violating anti-money laundering regulations. The leniency of Hayes' sentence was related to his guilty plea and cooperation with the investigation, but his career still suffered a serious blow.
White House officials confirmed that at the beginning of 2025, Hayes received a pardon from Trump. Additionally, Trump also pardoned two other co-founders of BitMEX, Samuel Reed and Benjamin Delo. This move is seen as another example of Trump's 'tolerant policy' towards the cryptocurrency industry. After the pardon, Hayes publicly stated he would focus on cryptocurrency education and policy advocacy.
Trump's Deep Alliance with the Cryptocurrency Industry
Trump's pardons for figures in the cryptocurrency industry are not merely legal actions but a carefully orchestrated political maneuver aimed at solidifying his political landscape in the emerging financial sector. Firstly, the cryptocurrency industry played a significant role in the 2024 U.S. elections. The political action committee Fairshake raised over $200 million to support pro-cryptocurrency candidates including Trump; Coinbase founder Brian Armstrong called for relaxed regulations through public speeches and policy lobbying to build momentum for Trump's pro-cryptocurrency commitments; venture capitalist Marc Andreessen donated $2.5 million to the super PAC supporting Trump through his company Andreessen Horowitz (A16Z), actively promoting pro-cryptocurrency policies. These resources provided a solid backing for Trump's victory, making his 'return' to the cryptocurrency industry inevitable.
Secondly, the pardoning of iconic figures like Ross Ulbricht precisely aligns with the decentralized philosophy of the cryptocurrency community and its resistance to government regulation. Although Ulbricht's Silk Road involved illegal trading, many believe it represents the spirit of decentralization and anti-authoritarianism. By releasing Ulbricht, Trump not only won the enthusiastic support of cryptocurrency fans but also attracted freedom-loving voters. This 'testing the waters' approach has successfully positioned Trump as a 'protector' of the cryptocurrency industry, further consolidating his political influence.
