Trump's Grief With CZ, Observers Remind Potential Corruption

US President Donald Trump (photo: ANTARA)

JAKARTA - Recently, United States President Donald Trump granted forgiveness to Binance founder Changpeng Zhao (CZ). This pardon decision also drew criticism and led to allegations of a conflict of interest.

Especially when it was discovered that CZ was reported to be a major investor in Trump's own digital asset project, World Liberty Financial. New Yorker reports also said Binance lobbied lawyers affiliated with Trump for clemency.

CZ resigned as Binance's leader, after the company pleaded guilty to failing to run an effective anti-money laundering program and paying a fine of US$4.3 billion (Rp71 trillion at an exchange rate of 16,500) in 2023.

He was sued by the Joe Biden administration in their fight against cryptocurrencies. This pardon is referred to as Trump's attempt to improve the crypto industry in the US, and erase his past mistakes.

But on the other hand, Minnesota University law professor Richard Painter, who once served as chief ethical adviser in the George W. Bush administration, sees this case as a new form of potential abuse of power.

"Corruption scandals usually involve campaign money given to politicians... This is the first time someone has involved the president's personal business and personal money," he said, quoted via Cointelegraph.

CZ is not the only crypto figure to be forgiven. Previously, Trump also granted clemency to the founder of the online narcotics market Silk Road, Ross Ulbricht, and four BitMEX exchange executives who were sentenced to violations of the Bank Secretariat Act.

Observers view this pattern of forgiveness as showing Trump's efforts to embrace the crypto community as a political and business base. However, this move sparked ethical concerns and potential abuse of power in the White House.