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Every year, the White House receives thousands of requests for pardons, but only a small fraction are granted. Against this backdrop, the Bankman-Fried case has attracted particular attention from the international crypto community due to the scale of losses suffered by FTX investors. The court found him guilty on seven counts.
Sam Bankman-Fried (SBF), the former CEO of the FTX cryptocurrency exchange, who was sentenced to 25 years’ imprisonment for one of the biggest financial scams in the history of cryptocurrency, has officially appealed to US President Donald Trump for a pardon. His application has already been registered with the Office of the Pardon Attorney at the US Department of Justice and is currently ‘pending’.
“The law must apply equally to everyone,” Donald Trump has repeatedly stated regarding the presidential power of pardon. At the same time, as early as the beginning of 2026, he told journalists that he had no plans to pardon the former head of FTX. Other American politicians have also expressed their views on the case.
For instance, during the investigation, former President Joe Biden emphasised the need to hold those responsible for financial fraud to account. Senator Elizabeth Warren called for tighter regulation of the crypto market following the collapse of FTX. Gary Gensler, Chair of the US Securities and Exchange Commission, highlighted numerous breaches of investor protection legislation. Senator Bernie Moreno, following the submission of the pardon application, spoke out against any leniency towards SBF.
The investigation found that FTX had used client funds to cover the risky operations of its affiliate, Alameda Research. According to the US Department of Justice, this involved billions of dollars of client assets. In March 2024, a federal court sentenced Bankman-Fried to 25 years’ imprisonment. In addition, the court ordered the forfeiture of assets worth approximately $11 billion.
It was precisely this unauthorised use of client deposits that was the main cause of FTX’s insolvency. When users began withdrawing funds en masse in November 2022, the exchange was unable to meet its obligations. As a result, the company filed for bankruptcy, and the crypto market suffered one of the most severe shocks in its history.
Although there is a high likelihood that the US federal authorities will consider the pardon application, the mere fact that it is being considered does not guarantee a positive outcome, and Bankman-Fried’s chances remain very slim.
Even if his request is considered, filing the petition does not suspend the sentence, does not overturn the confiscation of assets, does not automatically release him from prison, and does not halt the process of compensating creditors. Until a separate decision is made by the President, he remains a convicted federal felon.
The FTX saga has become a prime example of how modern financial fraud combines cryptocurrencies, political influence, international financial flows and loopholes in corporate governance.
US regulators describe the Bankman-Fried case as part of a broader fight against 21st-century financial crime – ranging from simple embezzlement schemes to complex international structures involving digital assets. That is precisely why the decision on a possible pardon for SBF will be significant not only for one individual, but also for confidence in the entire justice system and the global crypto market.
