The White House has firmly stated that President Donald Trump will not grant a presidential pardon to Sam Bankman-Fried (commonly known as SBF), the founder of the collapsed cryptocurrency exchange FTX. This confirmation comes amid ongoing speculation in crypto circles and follows Bankman-Fried’s recent efforts to appeal for clemency.
Bankman-Fried, once hailed as a visionary in the digital asset space, was convicted in late 2023 on multiple felony charges, including fraud, conspiracy, and money laundering related to the dramatic downfall of FTX in November 2022.
The scandal involved the misappropriation of billions of dollars in customer funds, which were allegedly diverted to risky investments, political donations, and personal expenses through his hedge fund Alameda Research.
In 2024, he received a 25-year federal prison sentence, a penalty reflecting the massive scale of the fraud—estimated by prosecutors at around $8-10 billion in losses to investors and customers.
Since his incarceration, Bankman-Fried has mounted a noticeable public relations push, particularly on social media platform X.
In recent weeks, he has posted content aligning himself with pro-Trump sentiments, criticizing perceived “deep state” elements, and targeting figures involved in his case, such as the trial judge.
Many observers interpreted these posts as a calculated bid to sway President Trump, especially given the administration’s recent clemency decisions in the crypto sector.
Notably, Trump has pardoned or commuted sentences for other prominent figures tied to cryptocurrency controversies.
For instance, Binance founder Changpeng Zhao (CZ) received executive clemency earlier in the term after pleading guilty to related violations.
Similarly, Ross Ulbricht, creator of the Silk Road marketplace, benefited from presidential mercy.
These actions fueled hope among some that Bankman-Fried might follow suit, particularly as the Trump administration has pursued a more crypto-friendly regulatory approach overall.
However, those expectations have been dashed.
A White House spokesperson directly addressed the matter in response to media inquiries, reiterating the president’s longstanding position.
Citing Trump’s own statements from January 2026—where he explicitly excluded Bankman-Fried from any clemency consideration alongside figures like former Senator Robert Menendez and Venezuela‘s Nicolás Maduro—the official emphasized that “the President is the ultimate decider on all pardons.”
The statement underscores that no change in stance has occurred, effectively closing the door on a full pardon.
This decision highlights the limits of Bankman-Fried’s influence and the administration’s selective approach to forgiveness in high-profile cases.
While Trump has shown willingness to intervene in certain crypto-related matters, the severity of the FTX fraud—often described as one of the largest financial crimes in recent history—and Bankman-Fried’s prior political affiliations (including substantial donations to Democratic causes) appear to have weighed against leniency.
With a pardon now ruled out, Bankman-Fried‘s primary remaining avenue is his ongoing appeal to the U.S. Court of Appeals for the Second Circuit, where he seeks to overturn or reduce his conviction and sentence.
Legal experts suggest success there remains an uphill battle, leaving the disgraced executive to serve the bulk of his term unless unforeseen developments arise.
The announcement reinforces accountability in the crypto industry at a time when the sector enjoys growing mainstream acceptance under the current administration. For many victims of the FTX collapse, it provides a measure of finality in a saga that shook confidence in digital assets worldwide.