Karla Barker 
The Unexpected Pardon
It came as a surprise to many when President Donald Trump announced the pardon of Binance founder Changpeng Zhao last Thursday. Zhao, who was serving time for providing access to money launderers, suddenly found himself free after just a year in prison. Trump’s comments were telling—he said he didn’t personally know Zhao but had heard from “many good people” that the prosecution was unfair.
I think what’s interesting here is how quickly this all unfolded. One moment Zhao was in prison, the next he’s receiving a presidential pardon. The timing feels almost too perfect, doesn’t it?
The Lobbying Machine Behind the Scenes
Behind this sudden development was a well-organized lobbying campaign. Binance hired Ches McDowell’s firm, Checkmate Government Relations, in late September specifically to lobby the White House on “financial policy and executive clemency.” McDowell isn’t just any lobbyist—he’s a close friend of Donald Trump Jr. and was spotted at a White House event with both Trumps just last week.
The numbers tell part of the story too. Checkmate received $450,000 for this brief engagement. That’s quite a sum for what appears to be a few weeks of work.
But the lobbying efforts actually started much earlier. Three weeks after Trump’s inauguration, Binance and Zhao brought on Teresa Goody Guillén, a lawyer with SEC connections. Her office reported earning $290,000 from the Binance team through 2025.
Patterns in Political Influence
This isn’t Binance’s first dance with Washington lobbyists. The company started its Washington presence in late 2021, spending over $1 million in 2022 and $1.2 million in the first nine months of 2023. Then something interesting happened—after Zhao pleaded guilty and the company paid its $4 billion fine, all lobbying efforts stopped completely at the end of 2023.
Now with Trump back in office, the lobbying has resumed with vigor. Binance has reported $860,000 in lobbying expenses so far in 2025. The company has also strengthened its ties to the White House through business connections with the Trump family’s cryptocurrency venture, World Liberty Financial.
Industry Reactions and Future Implications
The reactions from Zhao’s team were predictably grateful. Guillén posted on X about “deep gratitude to President Donald J. Trump for the courage and moral clarity that made this day possible.” Meanwhile, Binance CEO Richard Teng joined the advisory board of The Digital Chamber in July and has been optimistic about the industry’s future under Trump.
Perhaps what’s most telling is how this reflects the current political climate. The incident has led some observers to comment that “anything is possible in Trump’s Washington for those with the right connections.” It makes you wonder about the balance between justice and political influence, doesn’t it?
The crypto industry seems to be betting heavily on the current administration’s friendly stance. Whether this pardon represents a broader shift in how cryptocurrency companies will be treated remains to be seen. But for now, it’s clear that having the right connections in Washington can make all the difference.