‘Appalling but unsurprising’: Maxine Waters calls out Trump’s pardon of convicted crypto criminal

“The pardon was the payoff and a blatant example of the kind of pay-to-play corruption that Trump and his Administration continue to engage in.”

U.S. Rep Maxine Waters, D-Calif., is making her feelings known about President Trump’s pardon of Binance founder Changpeng Zhao (CZ). Zhao pled guilty in 2023 to violating U.S. money laundering laws and served four months in federal prison after resigning as CEO of the world’s largest crypto exchange.

In a statement, Waters blasted the pardon, calling Trump’s freeing of Zhao “appalling, but unsurprising” and a “favor” to a “crypto criminal.”

“Trump is doing massive favors for crypto criminals who have helped line his pockets,” Waters, the ranking member of the House Financial Services Committee, said. “Trump’s pardon of Binance founder Changpeng Zhao—who pleaded guilty to enabling money laundering and facilitating suspicious transactions with child abusers, drug dealers, and terrorists—is an appalling but unsurprising reflection of his presidency: one defined by corruption, self-interest, and loyalty to criminals over working-class American families.”

She added, “Let’s be clear about why this happened. CZ has spent months lobbying Trump and his family while funneling billions into Trump’s personal crypto company, World Liberty Financial. The pardon was the payoff and a blatant example of the kind of pay-to-play corruption that Trump and his Administration continue to engage in.”

The White House defended the pardon on Thursday (Oct. 23) with Press Secretary Karoline Levitt saying the move signals an end to “the Biden Administration’s war on crypto.”

In a tweet after Zhao’s pardon was made official, Zhao thanked Trump.

“Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice,” Zhao wrote. “Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.”

Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.
🙏🙏🙏🙏

Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.

(Still in flight, more posts to come.)…— CZ 🔶 BNB (@cz_binance) October 23, 2025

Waters has been sounding the alarm about bitcoin and the Trump administration since the summer, when the GENIUS Act and two related crypto bills, the CLARITY Act and CBDC Anti-Surveillance State Act, were passed by the U.S. House of Representatives.

“These bills are a gift-wrapped invitation for Trump to continue his full-scale crypto con,” Waters said in July. “They don’t protect consumers, they don’t protect our national interest. They don’t increase transparency.” Waters also added that the bill “legitimizes Trump actively building the most corrupt self-dealing crypto environment this country has ever seen.”

As the government shutdown continues, Waters joined TMZ and echoed company founder Harvey Levin’s “out with their asses” campaign, urging leaders on both sides of the aisle to come together to get a deal done and if one isn’t done, every leader in Congress should face a primary challenge.

Waters blamed the shutdown on Republicans and the Trump administration.

“The real problem is the President of the United States controls Republicans … He will not let them negotiate,” she said.