Binance: Trump's pardon and the illicit crypto millions – What Reddit is Saying

Trump's Binance Pardon: So, What's the Real Scam?

Alright, let's get one thing straight: Trump pardoning the Binance founder? Please. Anyone surprised by this is living under a rock. Or maybe they just started paying attention five minutes ago.

The Swamp Gets Crypto

The news is that Trump pardoned Changpeng “CZ” Zhao, the Binance founder, after Zhao and Binance pleaded guilty to, ya know, operating without basic safeguards to prevent money laundering. Terrorists, cybercriminals, child abusers – the whole nine yards. And the White House spin? It was just "Biden's war on crypto." Give me a break.

The International Consortium of Investigative Journalists (ICIJ) found that Binance continued to profit from hundreds of millions in crypto transactions tied to organized crime. Even while supposedly under court supervision. At least $408 million flowed from Huione Group, a Cambodian outfit laundering money for human traffickers and scam operations. Crypto giants moved billions linked to money launderers, drug traffickers and North Korean hackers

And Binance's response? They're "an industry leader in identifying suspicious deposits." Right. That's like Al Capone saying he was an industry leader in providing "security" to local businesses.

OKX, another crypto exchange, also got in on the action, receiving hundreds of millions from Huione after the U.S. Treasury labeled them a "primary money laundering concern." Normally, you’d think that would "halt everything," as one lawyer put it. But not in crypto-land, apparently.

What's the deal? John Griffin, a blockchain data expert, nails it: "If they kick criminal actors off the platform, then that’s a big revenue source that they lose, so they have an incentive to allow this activity to continue." Bingo. It's all about the Benjamins, baby.

The Trump Crypto Connection

And here's where it gets extra greasy. The New York Times reported that Trump has been reversing efforts to police digital-asset crime. He even dismantled a Justice Department unit responsible for that. But wait, there's more! Trump’s got growing business ties to the industry, including a $2 billion deal between Binance and the Trump family’s crypto firm, World Liberty Financial.

Coincidence? I think not.

Then, there's the 60 Minutes report alleging that Zhao "donated software" to World Liberty Financial to help the Trump family launch a crypto. And then Zhao applied for a pardon. I mean, come on. The swamp isn't just draining; it's getting a crypto-fueled makeover.

One unnamed source called the UAE's investment in World Liberty crypto "nuts." Lawrence Lessig, a Harvard Law professor, straight up said Trump is "compromised." Compromised!

It’s like the whole thing is a house of cards built on a foundation of... well, more cards.

Victims and Vaporware

Meanwhile, real people are getting screwed. The ICIJ interviewed 45 victims of crypto scams. They lost their life savings. Their homes. Their relationships.

Carrissa Weber, a 58-year-old in Alberta, lost $25,000. Her life savings. When she alerted authorities, they basically shrugged. Her case is "sitting in a filing cabinet." Paul DiLello, a 67-year-old from Albany, lost $150,000. "It’s ruined me as a person," he said.

But hey, at least Trump's making America the "crypto capital of the world," right?

And let’s not forget the golden statue of Zhao that crypto enthusiasts erected near the Capitol after the pardon. They even launched a "CZ statue" meme coin. Zhao turned down the statue because he didn't want to look like he was making a quick buck off a meme coin. The irony is just… chef's kiss.

This Ain't About Bitcoin, It's About Payoffs

The whole crypto thing was supposed to be about decentralization and freedom from the man. Now? It's just another way for the rich and powerful to screw over everyone else, and for politicians to get a little something-something on the side. The Binance price ain't the real issue; it's the rot underneath. Is this the best use of AI and data? I doubt it.

Seriously, are we really surprised? Trump has always been about Trump. Binance has always been about Binance. And the victims? Well, they're just collateral damage in the great crypto grift.

And I’m sitting here, writing about it, feeling like I’m shouting into the void. Maybe I should just buy some bitcoin and give up. Nah, I'm too stubborn for that.

So, What's the Endgame?

Trump's pardon isn't just a favor; it's a signal. A signal that the rules don't apply, that money talks, and that the crypto wild west is open for business. It's a grift wrapped in an enigma, served with a side of "make America great again." And honestly, it’s enough to make you wanna scream.