Trump Won't Pardon FTX's Bankman-Fried, Prediction Markets Show

The White House has ruled out a pardon for the convicted crypto fraudster, despite his efforts to court Trump's favor from prison.

Published on Feb. 24, 2026

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The White House has made it clear that former President Donald Trump has no intention of granting a pardon to Sam Bankman-Fried, the convicted former CEO of FTX. Bankman-Fried has been mounting a 'MAGA charm offensive' from federal prison, praising Trump and bashing 'Clinton-appointed' judges, but his efforts have not swayed the administration. Prediction markets also show low odds of Trump pardoning Bankman-Fried, who was convicted of wire fraud, money laundering, and conspiracy after the collapse of FTX, which resulted in billions in losses for customers.

Why it matters

The decision not to pardon Bankman-Fried highlights the clear distinction the Trump administration has drawn between being friendly to the crypto industry in general and being willing to forgive the actions of someone who stole billions from investors. Unlike other high-profile figures who have received Trump pardons, Bankman-Fried lacks a natural constituency pushing for his release and is widely reviled within the crypto community for his role in the FTX collapse.

The details

Bankman-Fried has been attempting to court Trump's favor from prison, dictating pro-Trump social media posts through Bureau of Prisons-approved phone calls. However, a White House spokesperson has explicitly stated that Trump has no intention of granting clemency to the convicted FTX founder. This stance contrasts with Trump's decision to pardon Binance founder Changpeng Zhao last October, but the two cases are not comparable, as Zhao's violations were compliance-related, while Bankman-Fried was convicted of serious financial crimes.

  • In January 2023, Trump explicitly ruled out a pardon for Bankman-Fried.
  • In October 2022, Trump pardoned Binance founder Changpeng Zhao after he served four months for anti-money laundering violations.

The players

Sam Bankman-Fried

The convicted former CEO of FTX, who is currently serving a prison sentence for wire fraud, money laundering, and conspiracy after the collapse of his cryptocurrency exchange, which resulted in billions in losses for customers.

Donald Trump

The former President of the United States, who has the power to grant pardons but has stated he has no intention of doing so for Bankman-Fried.

Changpeng Zhao

The founder of the cryptocurrency exchange Binance, who was pardoned by Trump in October 2022 after serving four months for anti-money laundering violations.

Jake Chervinsky

A crypto lawyer who said he would be 'truly shocked' if Trump pardoned Bankman-Fried, calling his name 'half punch line, half curse word in DC'.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

The takeaway

The decision not to pardon Bankman-Fried underscores the Trump administration's willingness to support the crypto industry in general, but not to forgive the actions of someone who has been convicted of serious financial crimes that caused significant harm to investors. Bankman-Fried's efforts to court Trump's favor through a 'MAGA charm offensive' have ultimately fallen flat, as the former president and his team have made it clear they have no intention of granting him clemency.