Trump Rules Out Pardon for Sam Bankman-Fried

President Donald Trump addressed the possibility of a pardon for Sam Bankman-Fried in a recent interview. When asked by The New York Times whether he would consider granting clemency to several high-profile inmates, the President specifically mentioned Bankman-Fried.

Trump's response was clear: he is not considering it. This remark serves as a definitive stop to the speculation that had been circulating regarding a potential pardon. The FTX collapse wiped out billions in customer assets, leading to a global crackdown on crypto firms and a massive legal fallout.

Despite Trump's frequent criticism of federal prosecutors and his history of using pardon powers, Bankman-Fried's case appears to fall outside the scope of those actions. The President has argued that allies prosecuted under the Biden administration were victims of a "weaponized" Justice Department, but the timeline and nature of the fraud investigation do not support that narrative for Bankman-Fried.

Sam Bankman-Fried was sentenced in November 2024 to 25 years in prison. A New York jury found him guilty on seven counts, including wire fraud and conspiracy.

Prosecutors established that Bankman-Fried orchestrated a scheme to divert customer funds to prop up his hedge fund, Alameda Research. He presented FTX as a safe and compliant exchange while secretly using customer assets to cover losses and fund operations. The fraud is considered one of the largest in U.S. history.

The collapse of FTX had far-reaching consequences, triggering a global regulatory crackdown on the cryptocurrency industry. Bankman-Fried's legal team attempted to argue for leniency during sentencing, but the court ultimately handed down a multi-decade sentence.

Since his conviction, Sam Bankman-Fried and those close to him have pursued multiple avenues to soften his public image and create openings for clemency. In early 2024, Bankman-Fried gave a rare jailhouse interview to Tucker Carlson, portraying himself as misunderstood.

During that interview, Bankman-Fried claimed that FTX customers would have been "made whole" absent government intervention. The interview circulated widely among conservative audiences and was viewed by many as a calculated appeal to Trump-aligned media figures.

Additionally, Bankman-Fried's parents, both Stanford law professors, sent letters to the court seeking leniency. They emphasized his charitable intentions and argued that a decades-long prison term would be excessive. Bankman-Fried also highlighted his past political realignment, claiming he had secretly given comparable amounts to Republicans and had grown disillusioned with the Biden administration. These comments were interpreted as an attempt to signal openness to a Republican-led clemency process.

President Donald Trump has utilized his pardon power aggressively, often targeting individuals he believes were unfairly prosecuted. In October 2025, Trump pardoned Binance founder Changpeng Zhao (CZ) for his 2023 guilty plea to money laundering violations.

The White House framed the pardon of Zhao as a move to end the Biden administration's "war on cryptocurrency" and a potential pathway for Binance to re-enter the U.S. market. This precedent led to speculation that Bankman-Fried might also be a candidate for clemency.

However, the nature of the charges against Bankman-Fried—stealing billions from customers—differs significantly from the regulatory violations cited in Zhao's case. Consequently, Trump has decided against extending a pardon to the former FTX CEO, leaving him to serve his sentence.