Binance chairman Changpeng Zhao’s pardon was the result of lobbying efforts and a positive working relationship with U.S. President Donald Trump, as per a Politico report.
The update comes after years of the cryptocurrency exchange lobbying with the U.S. government.
A look at preliminary documents showed that Checkmate Government Relations—a lobbying firm that is now achieving recognition for its high-profile clientele, upper echelon political connections, and the close-knit relationship of the organization’s president, Ches McDowell, with U.S. President Donald Trump—received $450,000 from Binance for one month of lobbying services.
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On the legal front, Changpeng Zhao and Binance both hired cryptocurrency lawyer Teresa Goody Guillen, giving a total of $290,000 this year.
Zhao was pardoned by U.S. President Donald Trump Thursday last week. Regarding the situation, Trump said in an interview, “I don’t know, he was recommended by a lot of people…. A lot of people say he wasn’t guilty of anything.”
In 2023, the former CEO of the world’s largest cryptocurrency exchange was convicted on charges of enabling money laundering on the Binance platform. Zhao pled guilty, receiving a 4-month sentence. After serving his term, he handed CEO responsibilities over to Richard Teng and transitioned to executive chairman of Binance. He is still the largest stakeholder in the company.
Source: CoinMarketCap.com
At the time of reporting, BNB tokens were trading at $1,150.40, up by 2.54% over a 24 hour period.
