In a stunning move, former US President Donald Trump has granted a pardon to billionaire cryptocurrency founder Changpeng Zhao (CZ), sparking widespread criticism and accusations of corruption. Trump claimed that CZ was "persecuted" by the Biden administration as part of a war on cryptocurrency, but experts argue that this narrative is simply an attempt to justify a quid pro quo deal between Trump's family and CZ's business.
According to reports, CZ pleaded guilty under a carefully negotiated deal with former Attorney General Merrick Garland's Justice Department, which ultimately saw his company pay $4 billion in fines and serve only four months in prison. The fine was a small fraction of CZ's wealth, and he retained control of Binance, the largest cryptocurrency exchange in the world.
The pardon has raised eyebrows among critics of Biden's Justice Department, who had long complained about the administration's approach to corporate crime. In fact, progressive critics have argued that the deal was a sweetheart arrangement that allowed CZ to escape punishment for his company's alleged involvement in facilitating terrorism and child abuse images.
Trump's claim that the pardon was necessary to correct what he saw as an overreach by the Biden administration ignores the facts on the ground. Critics point out that prosecutions of corporate criminals fell to a record low during Biden's final year in office, and that Binance was one of the few companies to find itself in court.
Moreover, experts argue that Trump's pardon of CZ is part of a broader pattern of corrupt behavior by the former president and his family. The Trumps have jumped headfirst into cryptocurrency schemes themselves, relying on various ventures to boost their net worth. The latest move has been described as "unparalleled, open corruption" by one observer.
The pardon also raises concerns about the erosion of checks and balances in the US government. With Trump's pardons, court orders are being ignored, and MAGA loyalists have been put in charge of key agencies. This is a worrying trend that threatens the very foundations of American democracy.
As The Intercept notes, this is not hyperbole. The Biden administration is indeed under attack, with news outlets that challenge Trump being banished or investigated. The Department of Government Efficiency has stripped Congress of its power of the purse, and Trump's loyalists are flexing their muscles across the federal apparatus.
The situation demands urgent attention from the American public. We must not normalize Trump's authoritarian behavior, nor enable a culture of corruption and impunity. The Intercept will continue to cover this story, holding those in power accountable for their actions. Will you help us?
According to reports, CZ pleaded guilty under a carefully negotiated deal with former Attorney General Merrick Garland's Justice Department, which ultimately saw his company pay $4 billion in fines and serve only four months in prison. The fine was a small fraction of CZ's wealth, and he retained control of Binance, the largest cryptocurrency exchange in the world.
The pardon has raised eyebrows among critics of Biden's Justice Department, who had long complained about the administration's approach to corporate crime. In fact, progressive critics have argued that the deal was a sweetheart arrangement that allowed CZ to escape punishment for his company's alleged involvement in facilitating terrorism and child abuse images.
Trump's claim that the pardon was necessary to correct what he saw as an overreach by the Biden administration ignores the facts on the ground. Critics point out that prosecutions of corporate criminals fell to a record low during Biden's final year in office, and that Binance was one of the few companies to find itself in court.
Moreover, experts argue that Trump's pardon of CZ is part of a broader pattern of corrupt behavior by the former president and his family. The Trumps have jumped headfirst into cryptocurrency schemes themselves, relying on various ventures to boost their net worth. The latest move has been described as "unparalleled, open corruption" by one observer.
The pardon also raises concerns about the erosion of checks and balances in the US government. With Trump's pardons, court orders are being ignored, and MAGA loyalists have been put in charge of key agencies. This is a worrying trend that threatens the very foundations of American democracy.
As The Intercept notes, this is not hyperbole. The Biden administration is indeed under attack, with news outlets that challenge Trump being banished or investigated. The Department of Government Efficiency has stripped Congress of its power of the purse, and Trump's loyalists are flexing their muscles across the federal apparatus.
The situation demands urgent attention from the American public. We must not normalize Trump's authoritarian behavior, nor enable a culture of corruption and impunity. The Intercept will continue to cover this story, holding those in power accountable for their actions. Will you help us?
CZ's $4 billion fine seems like a joke compared to his actual wealth. I'm not surprised Trump would swoop in with a pardon. It's just business as usual for him and his family 
. Biden's Justice Department may have been soft on corporate crime, but this doesn't mean they were corrupt or under attack 
. Trump's pardons are a problem, no matter what the narrative says. If he thinks he's above the law, that's a bigger concern than any "quid pro quo" deal 
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. I mean, $4 billion fine is nothing compared to CZ's wealth, and he still gets to run Binance? It's just not right 
. And what's with the "war on cryptocurrency" narrative? Sounds like Trump's trying to spin this as some kinda conspiracy 
. We need to hold our leaders accountable for their actions, not let them play both sides against each other 
. This pardon is a huge red flag for American democracy... can't let this slide 
just when u think its over for trump... CZ gets off scot free 
4 billion fine & only 4 months in the can. what a joke 
. And now he's basically untouchable thanks to trump's pardon. This is like something out of a bad movie 
, where corruption knows no bounds and justice is just a distant memory 
They're basically making it rain for themselves while we're left wondering if justice even matters anymore 
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. we need to be talking about how this affects the rest of us, not just trump's pals 
. Like, what even is the point of having a Justice Department if they're just gonna let someone like CZ off scot-free because it's convenient for the ex-president and his family? 
Like, who does Trump think he is? The guy's been accused of corruption and now he's just gonna waltz in and give his buddy CZ a free pass? No thanks. This whole thing reeks of cronyism and corruption 
. And don't even get me started on the erosion of checks and balances - this is a huge problem that needs to be addressed ASAP 
. He's essentially saying that the Biden administration was out to get him and CZ, when really it looks like CZ was just trying to do his job without getting caught 
I'm still trying to wrap my head around this one... Trump granting a pardon to CZ is just crazy. I mean, what's next? Giving pardons to the people who made Bernie Madoff's Ponzi scheme possible 
. This whole thing just smells like corruption to me... what are the chances that Trump's family has some sort of quid pro quo deal going on with CZ? 
.
And don't even get me started on the erosion of checks and balances - it's like he's playing a bad game of power struggles and we're all just watching 
. And now, with this pardon, CZ can just waltz back into the crypto scene without any consequences 
. If we can't even trust the Justice Department to do its job, what's next? It's like, the more Trump does, the more he undermines the checks and balances that are supposed to keep him in check 
. The fact that news outlets that challenge Trump are being silenced or investigated? That's not okay 
. We need a free press, we need transparency, and we need accountability 
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. It looks like the rich and powerful are above the law, which is a real problem 
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. It’s like, if you wanna play by different rules, don’t expect to be treated any differently when you're out of office 
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. It feels like we're losing control of our institutions and it’s up to us, as citizens, to keep an eye on things 
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. We need to hold our leaders accountable for their actions, not let them sweep things under the rug