The cryptocurrency exchange Binance spent approximately $860,000 on lobbying efforts in Washington, attempting to secure a reduction in the sentence for its founder Changpeng Zhao (CZ). According to media reports, these investments were crucial in a process that culminated in a presidential pardon from Donald Trump.
This is reported by Business • Media
Key firms and lobbying amounts
At the end of September 2025, Binance engaged the firm Checkmate Government Relations from North Carolina. It is led by Ches McDowell, known as a close associate of Donald Trump Jr. Within a month of work, this company received $450,000 from Binance for lobbying the White House and the U.S. Department of the Treasury regarding “sentence mitigation” for Zhao. Checkmate is currently listed among the most dynamic lobbying firms in Washington, having earned over $7 million in the past three months.
Another $290,000 went to the law firm of former SEC chair candidate Teresa Giudice Guillen, who was considered for the position during Trump’s presidency. Her experience and influence were leveraged by Binance to strengthen its position in negotiations with authorities.
Political response and case details
Among other efforts, Binance allocated funds towards partnerships, including with the World Liberty Financial project, which has ties to the Trump administration.
“Zhao pleaded guilty to violating AML laws, and the pardon was only possible after ‘months of intensive lobbying and multimillion-dollar investments in a Trump-affiliated structure,'” stated Congresswoman Maxine Waters, adding that the president’s decision was “terrible but predictable.”
U.S. President Donald Trump explained his decision by stating that Zhao “faced unfair persecution” from the previous administration, and his actions, according to Trump, “aren’t even a crime.”
Recall that in November 2023, Changpeng Zhao and Binance were charged in the U.S. with violations of the Bank Secrecy Act and operating an illegal money transfer business. As a result, Binance and Zhao reached a settlement with authorities. In April 2024, the court sentenced Zhao to four months in prison. On June 1, 2024, he arrived at a federal correctional facility and served his sentence in full. As part of the agreements, Zhao stepped down as CEO of Binance and from the board of directors of Binance.US.
Previously, President Trump also pardoned Arthur Hayes and other co-founders of the cryptocurrency exchange BitMEX.