Pardon Lobbying
TRUMP PARDONS BINANCE FOUNDER: President Donald Trump has pardoned Changpeng Zhao, founder of the cryptocurrency exchange Binance, POLITICO’s Declan Harty reported this afternoon, confirming a scoop first reported by The Wall Street Journal.
— The pardon comes after nearly a year of effort by Zhao and Binance to lobby Trump for clemency and marks a big win for Checkmate Government Relations and its founder Ches McDowell, who was hired by Binance in September. Binance paid the firm $450,000 in the third quarter for work on policy issues related to cryptocurrencies and “executive relief,” according to a disclosure report.
— Lobbying for Zhao in his personal capacity was BakerHostetler’s Teresa Goody Guillén, a leading crypto lawyer who Trump once reportedly considered to lead the SEC. Zhao hired Goody Guillén in February to work exclusively on his pardon effort, according to disclosure reports, but she appears to have played a limited role in recent months, reporting no activity on Zhao’s behalf in the third quarter. In addition to her pardon work for Zhao, Goody Guillén is part of a BakerHostetler team lobbying on Binance’s behalf — a team that includes former U.S. Rep. Peter Roskam (R-Ill.) and former House Financial Services Committee chief counsel Kevin Edgar.
— Zhao served four months in prison last year after pleading guilty to charges that he intentionally ignored anti-money laundering laws and allowed Binance to be used by criminals looking to turn illicit crypto assets into clean cash. As part of the plea agreement, Zhao stepped down from his position as CEO of Binance and agreed to pay a $50 million fine. The company was separately fined $4 billion and has since been subject to compliance monitoring by the Justice and Treasury departments.
— Binance has an on and off history of lobbying in Washington. The company’s U.S. subsidiary, Binance.US, signed its first contracts with Ice Miller Strategies and Hogan Lovells in late 2021 and went on to spend more than $1 million on lobbying in 2022. In the first nine months of 2023, as Zhao and Binance negotiated their futures with federal prosecutors, the company spent nearly $1.2 million on lobbying.
— Following the guilty pleas, Binance’s lobbying spending plummeted to zero for the remainder of 2023. Neither Zhao nor the company reported spending a dime on lobbying in 2024. But Trump’s inauguration jolted the company’s lobbying effort back to life. So far in 2025, Binance has reported spending $860,000 on lobbyists, putting it on track to equal or beat its 2023 peak spend.
