Original | Odaily Planet Daily (@OdailyChina)
Binance founder CZ confirmed on May 8 during a podcast that his legal team has submitted a clemency application to U.S. President Trump on his behalf. This move has sparked widespread attention in the crypto industry regarding Trump's clemency policies.
Note: You can check out the highlights of the podcast in the Odaily Planet Daily's compilation of “Exclusive Interview with CZ: I’m lucky to be ‘forced into retirement,’ but I won’t return to Binance”.
With Trump returning to the White House in early 2025, he has signed clemency or commutation orders benefiting over 1,600 people, far exceeding the total from his first term. Cases of crypto-related criminals applying for clemency or already granted clemency are emerging one after another, reflecting a political chess game intertwined with emerging financial power, mirroring the deep "alliance" between the crypto industry and Trump.
Crypto Figures Applying for Clemency
Zhao Changpeng (CZ): Founder of Binance Exchange
As the helm of the world's largest crypto exchange, Binance, CZ is considered a "godfather" figure in the crypto industry. In November 2024, CZ was sentenced to 4 months in prison and fined $50 million by the U.S. Department of Justice for violating the Bank Secrecy Act and failing to effectively implement anti-money laundering measures. Although the sentence is relatively light, his career has been severely impacted. According to the U.S. Department of Justice, even if granted clemency, it would not eliminate his money laundering charges but may allow him to resume a management position at Binance.US.
Sam Bankman-Fried (SBF): Founder of FTX Exchange
FTX CEO Sam Bankman-Fried was once a shining star in the crypto industry but was sentenced to 25 years in prison in 2024 for fraud involving billions of dollars in customer funds following the platform's collapse in 2022, along with the forfeiture of $11 billion in assets.
In a podcast in March 2025, he claimed that part of the reason for his 25-year sentence was his increasingly close ties with the Republican Party before his arrest. In fact, SBF had donated over $40 million to 196 members of Congress, including senior Republicans and Democrats, which is equivalent to one-third of the members receiving funds from him. He also criticized former SEC Chairman Gary Gensler and the regulatory approach to the crypto industry in interviews.
Reportedly, SBF's parents—former Stanford Law School professors Barbara Fried and Joseph Bankman—are meeting with lawyers and others close to Trump, trying to secure a presidential pardon for their son. SBF recently made comments on social media about the difficulties of layoffs, which were criticized by the crypto community as an attempt to curry favor with the Trump administration.
Roger Ver: Early Bitcoin Evangelist
Nicknamed "Bitcoin Jesus," Roger Ver is a veteran figure in the crypto industry, having established his influence by promoting Bitcoin as early as 2011. However, in 2024, Ver was charged by U.S. authorities for tax fraud and evasion, facing a maximum of 7 years in prison.
Roger's wealth primarily comes from early Bitcoin investments, but his long-term residence in Japan and renunciation of U.S. citizenship have drawn attention to his tax issues. It is reported that Roger has hired lawyers and lobbyists closely connected to Trump, attempting to escape his legal troubles through clemency.
Crypto-Related Figures Already Granted Clemency
Ross Ulbricht: Founder of Silk Road
Ross Ulbricht was sentenced to two life sentences plus 40 years in 2015 for creating and operating the dark web marketplace Silk Road, effectively a life sentence without the possibility of parole. Silk Road operated from 2011 to 2013 and was primarily used for anonymous drug transactions, widely regarded as the first real use case for Bitcoin.
On May 26, 2024, Trump promised at the Libertarian National Convention in Washington, D.C., that if he were re-elected, he would reduce Ross Ulbricht's sentence on the first day. Trump stated that Ulbricht has already served 11 years, saying, "We want to bring him home." On January 21, 2025, he fulfilled his promise by signing a clemency order and personally calling Ulbricht's family.
Arthur Hayes: Founder of BitMEX Exchange
As the founder of BitMEX, Arthur Hayes was instrumental in promoting derivatives trading in the crypto industry. However, in 2022, Hayes was sentenced to 6 months of home confinement and fined $10 million for violating anti-money laundering regulations. The leniency of Hayes' sentence was related to his voluntary plea and cooperation with the investigation, but his career still suffered significant damage.
White House officials confirmed that in early 2025, Hayes was granted clemency by Trump. Additionally, Trump also pardoned two other co-founders of BitMEX, Samuel Reed and Benjamin Delo. This move is seen as another example of Trump's "tolerant policy" towards the crypto industry. After the clemency, Hayes publicly stated that he would focus on crypto education and policy advocacy.
Trump's Deep Alliance with the Crypto Industry
Trump's pardons for figures in the crypto industry are not merely legal actions but part of a carefully orchestrated political strategy aimed at consolidating his political landscape in the emerging financial sector. First, the crypto industry played a significant role in the 2024 U.S. elections. The political action committee Fairshake raised over $200 million to support pro-crypto candidates, including Trump; Coinbase founder Brian Armstrong called for relaxed regulations through public speeches and policy lobbying, generating momentum for Trump's crypto-friendly commitments; venture capitalist Marc Andreessen donated $2.5 million to a super PAC supporting Trump through his company Andreessen Horowitz (A16Z), actively promoting crypto-friendly policies. These resources provided a solid backing for Trump's victory, making his "return" to the crypto industry inevitable.
Secondly, pardoning iconic figures like Ross Ulbricht precisely resonates with the decentralized ideals of the crypto community and their resistance to government regulation. Although Ulbricht's Silk Road involved illegal transactions, many believe it represents the spirit of decentralization and anti-authoritarianism. By releasing Ulbricht, Trump not only won the enthusiastic support of crypto fans but also attracted freedom-loving voters. This "testing the waters" approach successfully positioned Trump as a "protector" of the crypto industry, further solidifying his political influence.
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