By Jennifer Matthews
- Trump’s pardon of Changpeng “CZ” Zhao signals that the system works differently for those backed by capital, connections and leverage
- Nigeria previously cracked down on Binance executives over concerns in cryptocurrency’s role in the devaluation of the Naira
President Donald Trump pardoned Binance founder Changpeng “CZ” Zhao after he was convicted of breaking U.S. anti–money laundering laws. Officials will talk about innovation and giving him a “second chance,” but the real reason is simpler. Pardoning the leader of the world’s largest exchange helps the U.S. keep control over global crypto flows and supports a system that is now politically useful. In Nigeria, where millions turned to crypto as an informal lifeline when the naira collapsed, the pardon lands like salt in an open wound. It’s a signal that the system works differently for those backed by capital, connections and leverage.
Why This Matters
This moment is more than financial destiny for one man, it is about global power, systems of control and cultural fault‑lines. Nigeria is is young, digital, and full of entrepreneurs. The government once banned banks from working with crypto, then blamed Binance for weakening the naira by letting prices be set outside its control, according to the BBC.
Binance’s peer-to-peer boards became the real exchange rate for millions of young workers. Cornell University reported that inflation surged past 24 % in 2023, and since 2016 the naira has lost more than three‑quarters of its value versus the dollar. According to recent data from Breet, Nigeria handled about $59 billion in crypto transaction volume from July 2023 to June 2024, making it one of the world’s biggest adoptors. The outlet noted that roughly 10.3 % of Nigerians, around 22 million people, owned or used crypto by 2025.
When inflation hovered above 30% and the naira hit record lows, cryptocurrency became a way for people to survive; however, the crackdown that followed helped accelerate the naira’s slide. All while everyday Nigerians face crackdowns, freezing of bank accounts and regulatory bans, a global billionaire walks free. That’s why this pardon from President Trump feels like rubbing salt in a wound. Washington just showed that the rules can change for a well-connected billionaire, while ordinary Nigerians were punished for using the same tools to get by.
Situational Awareness
For vibrant places like Lagos where business and tech converge, the implications are deep. When the system gives clemency to a billionaire after facilitating massive flows, while the everyday survival moves of youth get policed, something is amiss. Remember, even before this pardon, Binance leadership had publicly dismissed rumors of Trump-linked projects and a potential pardon. This is a moment that demands clarity, self‑determination and new strategies for economic justice.
CBX Vibe: “Tribe” Jidenna
