Binance founder CZ confirmed in a podcast program on May 8 that his legal team has submitted a pardon application to former US President Trump. This move has sparked widespread attention in the crypto industry regarding Trump's pardon policy.
As Trump returns to the White House in early 2025, he has signed pardons or sentence commutations benefiting over 1,600 people, far exceeding the total from his first term. Cases of crypto-related criminals applying for or receiving pardons have become increasingly common, reflecting a chessboard intertwining political motives and emerging financial forces, mapping a deep "alliance" between the crypto industry and Trump.
Crypto Figures Applying for Pardons
CZ: Founder of Binance Exchange
As the helmsman of the world's largest crypto exchange Binance, CZ can be considered a "godfather" of the crypto industry. In November 2024, CZ was sentenced by the US Department of Justice to 4 months in prison and a $50 million fine for violating the Bank Secrecy Act and failing to implement effective anti-money laundering measures. Although the sentence is relatively light, his professional career has been severely impacted. According to the US Department of Justice, even if pardoned, this would not eliminate his money laundering charges, but might allow him to resume a management role at Binance.US.
Sam Bankman-Fried (SBF): FTX Exchange Founder
FTX CEO Sam Bankman-Fried, once a rising star in the crypto industry, was sentenced to 25 years in prison in 2024 for the platform's collapse in 2022 and fraud involving billions of dollars in customer funds.
In a March 2025 podcast, he claimed that part of the reason for his 25-year sentence was his increasingly close relationship with the Republican Party. In fact, SBF had donated over $40 million to 196 congressional members, including top Republicans and Democrats, essentially funding one-third of the legislators. He also criticized former SEC Chairman Gary Gensler and the regulatory approach to the crypto industry.
Reports suggest that SBF's parents - former Stanford Law School professors Barbara Fried and Joseph Bankman - are meeting with lawyers in Trump's circle and others, attempting to secure a presidential pardon for their son. SBF has recently posted on social media about layoff difficulties, which the crypto community has criticized as an attempt to curry favor with the Trump administration.
Roger Ver: Early Bitcoin Evangelist
Nicknamed "Bitcoin Jesus," Roger Ver is a veteran of the crypto industry who established his influence by promoting Bitcoin as early as 2011. However, in 2024, Ver was charged by US authorities for alleged tax fraud, facing up to 7 years in prison.
Roger's wealth primarily comes from early Bitcoin investments, but his long-term residence in Japan and renunciation of US citizenship have drawn significant attention to his tax issues. It is reported that Roger has hired lawyers and lobbyists close to Trump in an attempt to escape legal troubles through a pardon.
Crypto-Related Figures Already Pardoned
Ross Ulbricht: Silk Road Founder
Ross Ulbricht was sentenced to two life terms plus 40 years in 2015 for creating and operating the Dark Web market Silk Road, effectively a life sentence without possibility of parole. Silk Road operated from 2011 to 2013, primarily used for anonymous drug buying and selling, and is widely considered the first real use case for Bitcoin.
On May 26, 2024, Trump promised at the Libertarian National Convention in Washington DC that if re-elected, he would commute Ulbricht's sentence on his first day. Trump stated that Ulbricht had already served 11 years and that "we want to bring him home". On January 21, 2025, he fulfilled his promise, signing the pardon and personally calling his family.
Arthur Hayes: BitMEX Exchange Founder
Arthur Hayes, as BitMEX's founder, had previously promoted derivatives trading in the crypto industry. However, in 2022, he was sentenced to 6 months of home detention and a $10 million fine for violating anti-money laundering regulations. Hayes' light sentence was related to his proactive admission of guilt and cooperation with the investigation, but his professional career was still severely impacted.
White House officials confirmed that Hayes received a pardon from Trump in early 2025. Additionally, Trump also pardoned two other BitMEX co-founders, Samuel Reed and Benjamin Delo. This move is considered another example of Trump's "lenient policy" towards the crypto industry. After the pardon, Hayes publicly stated he would focus on crypto education and policy advocacy.
Trump's Deep Alliance with the Crypto Industry
Trump's pardons of crypto industry figures are not simply legal actions, but a carefully orchestrated political chess move aimed at consolidating his political territory in emerging financial fields. First, the crypto industry played a crucial role in the 2024 US election. The political action committee Fairshake raised over $200 million to support pro-crypto candidates, including Trump; Coinbase founder Brian Armstrong advocated for relaxed regulation through public speeches and policy lobbying; venture capitalist Marc Andreessen donated $2.5 million through his company Andreessen Horowitz (a16z) to Trump-supporting super PACs, actively promoting crypto-friendly policies. These resources provided a solid backing for Trump's election victory and made his "payback" to the crypto industry inevitable.
Secondly, pardoning iconic figures like Ross Ulbricht precisely caters to the crypto community's decentralization ideology and resistance to government regulation. While 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 voters who value freedom. This "testing the waters" approach successfully positioned Trump as a "protector" of the crypto industry, further consolidating his political influence.
