Binance founder Changpeng Zhao has publicly confirmed that he submitted a formal request for a pardon from US President Donald Trump—weeks after denying reports of such efforts—just as concerns grow around foreign influence tied to Trump’s meme coin. A Bloomberg analysis revealed that a majority of the top holders of the TRUMP token, some of whom are eligible to apply for an exclusive dinner with the president, appear to be using foreign exchanges, prompting fresh scrutiny from lawmakers and further intensifying debates around crypto’s growing role in political access and influence. Foreign-Based Trump Meme Coin Holders Raise Ethics Concerns Ahead of Exclusive Dinner Invitation As US President Donald Trump prepares to host an exclusive dinner and “special VIP tour” for top holders of his meme coin later this month, a new report has ignited political controversy over the origins of many of the cryptocurrency's wealthiest participants. According to a May 7 analysis by Bloomberg, 19 of the top 25 wallets holding the TRUMP meme coin appear to have used foreign cryptocurrency exchanges that exclude US customers, indicating that a significant portion of Trump’s token whales may reside abroad or be US citizens living overseas. Additionally, more than half of the top 220 wallets—whose owners are eligible to apply for the May 22 dinner—are also linked to non-US exchanges. Top 10 TRUMP meme coin holders as of May. 7 (Source: Trump meme) The data, drawn from blockchain analysis and platform disclosures, raises critical questions about who may be granted privileged access to the president amid a backdrop of ongoing political campaigning and a deeply polarized Congress. Private Dinner Invitation Stirs Controversy The TRUMP meme coin project, launched just three days before Trump returned to office on Jan. 17, has offered a unique incentive to its biggest backers: a private dinner with the president himself. The initiative has reportedly attracted intense interest from tokenholders, but the eligibility process imposes strict conditions. Applicants must pass a background check, cannot bring guests, and must not hail from any jurisdiction listed on Know Your Customer (KYC) watchlists. While the project has yet to disclose the identities of potential attendees, the use of foreign exchanges by top tokenholders is raising red flags in Washington. Critics warn that it creates an opaque system through which foreign nationals—or even representatives of foreign governments—could potentially gain access to the US president in exchange for holding a meme coin closely tied to his public image and political interests. Several Democratic lawmakers are now sounding alarms over what they describe as a dangerous precedent for crypto-fueled political influence. One US senator has gone so far as to call for Trump’s impeachment, accusing the president of “selling access” through tokenomics that reward financial loyalty over national interest. These concerns are already spilling over into broader legislative activity. Some Democrats in both chambers of Congress are urging a freeze on all crypto-related bills unless Republican lawmakers address what is now being dubbed “Trump’s crypto corruption.” The Senate is set to vote on a stablecoin regulatory bill on May 8, while the House is circulating a draft of a new digital asset market structure framework. TRUMP Token's Shadow Over Crypto Policy The TRUMP token, alongside other meme coins associated with the Trump family, has injected volatility into both the crypto markets and the political landscape. With roughly 80% of the token supply controlled by two Trump-linked entities, critics argue that the project is less about community decentralization and more about centralized influence leveraging the crypto hype cycle. Trump’s meme coin quickly gained traction after its launch, inspiring other political tokens, including one introduced by First Lady Melania Trump. The coins' rise to prominence coincides with a renewed wave of corporate interest in aligning with Trump-era policies. One example emerged on April 30, when a logistics management firm announced a $20 million investment in the TRUMP token, citing hopes of shaping Trump’s stance on US-Mexico trade—a critical issue for its business operations. The international dimension of Trump’s meme coin raises further ethical and national security questions. If foreign token holders are able to gain proximity to a US president through financial participation in an unregulated digital asset, it could open the door to covert lobbying or influence efforts that bypass traditional safeguards. The Trump meme coin dinner, originally seen as a promotional stunt, is now emblematic of a much deeper struggle over the role of cryptocurrency in political fundraising, influence, and governance. Whether it leads to substantive legal reform or simply intensifies partisan rhetoric remains to be seen. For now, the blockchain doesn't lie—but the motivations behind the wallets it tracks are becoming the subject of fierce debate in the halls of power. Changpeng Zhao Confirms Presidential Pardon Request After Initial Denial Meanwhile, Changpeng Zhao, the embattled founder of Binance and one of the most prominent figures in the cryptocurrency industry, has confirmed that he formally applied for a presidential pardon from Donald Trump—weeks after initially denying reports that he was pursuing one. In an appearance on Farokh Radio aired May 6, Zhao, known in the crypto world as “CZ,” admitted that his legal team has already submitted a pardon request to the Trump administration. “I wouldn’t mind [a pardon],” Zhao said candidly during the interview. “I got lawyers applying.” He clarified that the application was filed roughly two weeks ago. Changpeng Zhao (right) speaking with Farokh Sarmad (left) (Source: Farokh Radio ) Zhao’s announcement marks a sharp turn from his previous stance. When Bloomberg and The Wall Street Journal reported in March that he was seeking clemency amid discussions of a potential business relationship between the Trump family and Binance.US, Zhao publicly dismissed the reports as speculative and inaccurate. However, on the podcast, Zhao acknowledged that the media attention ultimately influenced his decision. “If they’re writing this article, I may as well just officially apply,” he said, indicating a strategic, if resigned, attitude toward the unfolding legal and political narrative surrounding him. Zhao also pointed to Trump’s high-profile pardons of BitMEX co-founders—most notably Arthur Hayes—as a motivating factor. The pardons, which cleared the criminal records of three crypto executives convicted of violating the Bank Secrecy Act (BSA), sent ripples through both political and financial circles earlier this year. Zhao, who pleaded guilty to a similar charge under the BSA in November 2023, claims he is “the only person in US history to serve prison time for a Bank Secrecy Act charge.” His case led to a historic $4.3 billion settlement between Binance and US authorities, with Zhao personally contributing $50 million. He was sentenced to four months in prison and agreed to step down as Binance CEO, also accepting a ban from holding any management role within the company. Legal Implications of a Pardon According to the US Department of Justice, a presidential pardon does not expunge a conviction but could remove certain barriers to Zhao’s return to business leadership. In Zhao’s case, a pardon might permit him to assume a senior management role at Binance.US or other crypto ventures, though not without further regulatory scrutiny. Zhao remains a major shareholder in Binance, but said during Binance Blockchain Week in November 2024 that he has “no plans to return to the CEO position.” He reaffirmed that view on Farokh Radio, stating: “I feel the team is doing well and doesn't need me back.” Since completing his sentence, Zhao has repositioned himself on the global stage. He has taken up advisory roles in Pakistan and Kyrgyzstan, where he is reportedly working with government agencies to establish crypto-friendly regulatory frameworks and blockchain adoption strategies. This pivot toward international consulting follows a broader trend among former crypto executives who have faced legal action in the US but maintain their influence in emerging markets with looser regulatory environments. Political Crosscurrents Zhao’s pardon request lands amid rising political tensions surrounding cryptocurrency in the US Trump’s own embrace of crypto has already drawn criticism from lawmakers accusing the president of blurring the line between political access and personal enrichment. With Trump now entertaining clemency for high-profile figures in the crypto world, including those with financial ties to entities associated with him or his family, critics argue the practice could undermine public confidence in the justice system. Still, for many in the crypto community, Zhao remains a symbol of innovation and the complexities of navigating the US regulatory system. His legal saga and subsequent appeal for presidential grace are emblematic of a broader struggle between emerging technologies and legacy institutions. Whether Trump will grant Zhao a pardon remains uncertain, but the confirmation of his application has already reignited debates over justice, influence, and the role of crypto in American politics.
