Binance founder Changpeng Zhao is facing accusations of money laundering, prompting a defense from BitGo CEO Mike Belshe. Senator Elizabeth Warren has alleged that Zhao’s pardon by President Trump was linked to his financial support for the president’s stablecoin venture. However, Belshe clarifies that Zhao’s conviction stemmed from violations of the Bank Secrecy Act related to failing to implement an effective anti-money laundering (AML) program, not money laundering itself. He argues that Zhao was unjustly prosecuted, being the first and only individual facing jail time solely for this violation. The pardon by President Trump was framed as a move to prevent politically motivated prosecution against innovators in digital assets.