Sam Bankman-Fried has filed a petition for presidential clemency while continuing to challenge his fraud conviction in federal court, adding a new dimension to the legal battle surrounding the former FTX chief executive.
Records published by the US Department of Justice's Office of the Pardon Attorney show a pending clemency application under Bankman-Fried's name. The filing is categorized as a "Pardon After Completion of Sentence" petition and was submitted in 2026.
However, the Department of Justice's current pardon application states that individuals who are still serving their sentences, such as Bankman-Fried, should instead use a separate commutation application. It's unclear why the former crypto executive chose that route or whether any separate commutation request has been submitted.
Bankman-Fried is currently serving a 25-year sentence at a federal prison in Santa Barbara, California, and remains engaged in an active appeal. He was convicted in 2023 on seven counts of fraud and conspiracy stemming from the collapse of cryptocurrency exchange FTX, which filed for bankruptcy in Nov 2022 after a run on customer deposits exposed an $8bn hole in its balance sheet.
Prosecutors argued that Bankman-Fried used customer funds to support Alameda Research, the hedge fund he founded, while misleading investors, lenders and users about the exchange's finances.
Acceptance of responsibility
A presidential pardon does not erase or expunge a conviction, according to the Justice Department. Instead, it can restore civil liberties and remove barriers to employment, licencing, housing and education created by a criminal record.
The application process requires petitioners to explain why they are seeking clemency, how the conviction has affected their lives and whether they accept responsibility for the conduct that led to their conviction.
That requirement creates a potentially awkward contrast with Bankman-Fried's ongoing appeal. His legal team has continued to argue that the trial was unfair, and that jurors were prevented from hearing evidence that could have supported his defence. A decision on the appeal remains pending.
Justice Department guidance notes that pardon reviews can take months or years and may involve an FBI background investigation, interviews with references and further requests for information.
The clemency application does not replace the appeals process.
No pardon plans
Bankman-Fried's clemency bid faces a significant obstacle: President Donald Trump has already publicly said he has no plans to pardon the former FTX executive.
In an interview with The New York Times in January, Trump said Bankman-Fried was among several high-profile figures not under consideration for clemency.
Trump has granted clemency to several figures connected to the crypto industry, including having issued a full pardon to Ross Ulbricht, the founder of the Silk Road darknet marketplace. The administration has also extended clemency to executives associated with crypto derivatives exchange BitMEX, who had previously pleaded guilty to violations of US anti-money laundering laws. Binance founder Changpeng Zhao also received a pardon after serving a prison sentence tied to the exchange's compliance failures.
