- Binance provided $450,000 to a company linked to Trump’s circle.
- Former SEC chair candidate Teresa Giudice received $290,000.
- Maxine Waters called the pardon a “favor to crypto criminals.”
Binance’s lobbying efforts in the U.S.
The cryptocurrency exchange Binance invested significant funds in a lobbying campaign in Washington, seeking a pardon for its founder Changpeng Zhao (CZ) from U.S. President Donald Trump. According to media reports, in September 2025, the company engaged Checkmate Government Relations, a North Carolina firm led by Ches McDowell, known as an associate of Donald Trump Jr. The firm received $450,000 for a month of work, primarily aimed at lobbying the White House and the U.S. Department of the Treasury for “leniency” for CZ.
This is reported by Finway
Checkmate Government Relations is considered one of the most dynamic lobbying firms in the capital: in the last quarter alone, its revenue exceeded $7 million. Among other partners of Binance was the law firm of Teresa Giudice—former SEC lawyer and past candidate for SEC chair during the Trump administration. For her services, the company paid $290,000 throughout 2025.
Politicians’ reactions and case details
Overall, over the year, Binance directed about $860,000 towards lobbying initiatives. Part of this funding went towards expanding political contacts through partnerships, including with the World Liberty Financial project, which is linked to Trump.
Congresswoman Maxine Waters sharply criticized the president’s decision, calling it “terrible but predictable.” She emphasized that Zhao had admitted guilt in violating AML laws, and the pardon became possible only after “months of intense lobbying and multimillion-dollar infusions into a Trump-affiliated structure.”
U.S. President Donald Trump, commenting on his decision, stated that Changpeng Zhao “faced unfair persecution” from the Biden administration, and that “what he did isn’t even a crime.”
It is worth noting that in November 2023, Changpeng Zhao and Binance were charged in the U.S. for violations of the Bank Secrecy Act, operating an illegal money transfer business, and other offenses. Subsequently, Binance and its founder reached an agreement with U.S. authorities. In April 2024, a court sentenced Zhao to four months in prison. He arrived at the correctional facility on June 1, 2024, and fully served his sentence. Under the terms of the agreements, CZ stepped down as CEO of Binance and from the board of directors of Binance.US.
Earlier reports indicated that President Trump also pardoned Arthur Hayes and other co-founders of the BitMEX exchange.