President Donald Trump’s decision to pardon Changpeng Zhao, the co-founder of cryptocurrency exchange Binance, has ignited a political firestorm centered on accusations of financial corruption. Critics, led by Representative Maxine Waters, have condemned the move as a blatant case of “pay-to-play” politics that benefits the Trump family’s own crypto empire.

Waters Accuses President of Corrupt Dealings

Shortly after the pardon was announced, Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, released a blistering statement. She argued that Trump had pardoned an individual who confessed to facilitating money laundering and processing transactions for child abusers, drug traffickers, and terrorists.

Waters claimed that Zhao spent months building relationships with Trump and his family while funneling billions into World Liberty Financial, the president’s cryptocurrency enterprise. She described the pardon as “corrupt favoritism” that rewarded an individual for enriching the president’s personal business interests with hundreds of millions of dollars in donations.

A Pardon Amidst Growing Financial Scrutiny

President Trump justified his decision by framing Zhao as a victim of political persecution by the previous Biden administration. Trump alleged that Zhao was not being prosecuted for actual crimes but was instead being targeted, and that his actions wouldn’t be considered criminal if the law were enforced correctly.

The controversy is amplified by reports that Trump’s net worth has skyrocketed during his second term, fueled by his extensive cryptocurrency ventures. World Liberty Financial, a company established by Trump’s sons and former business partners, has reportedly generated more than $1 billion in pre-tax profit over the past year. Trump had previously stated he earned $57 million from the company, and his family is reported to own a $5 billion stake. Eric Trump has even suggested their actual profits from the business are likely greater than what has been publicly reported.