When President Donald Trump pardoned billionaire Changpeng Zhao on Oct. 21, controversy surrounding the cryptocurrency mogul’s ties with the Trump family had already been swirling for months.

Mr. Zhao, founder and former chief executive of Binance – the world’s largest cryptocurrency exchange – had served four months in prison in 2024, after pleading guilty to violating U.S. regulations against money laundering. The Binance platform had “accommodated criminals across the world,” according to then-Attorney General Merrick Garland.

After serving his time, Mr. Zhao would still benefit from a pardon, because of ongoing legal constraints on his business activities.

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Upholding public trust has long been a central tenet of American democracy. But ethical norms have fallen

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