President Donald Trump has stated that he does not know who Changpeng “CZ” Zhao is, despite having pardoned the cryptocurrency billionaire last month. This admission came during a recent interview on CBS’s 60 Minutes, sparking controversy over the motives behind the pardon.
In the interview broadcast on Sunday, Trump was asked about his decision to pardon Zhao, the founder of Binance, who had been convicted of money laundering. Trump responded, “I don’t know who he is,” and claimed that the case was a “Biden witch hunt.” He added that he had no recollection of meeting Zhao and was told that the businessman was a victim of overzealous prosecution by the previous administration. The host, Norah O’Donnell, pressed Trump on the appearance of corruption, given the financial ties between Binance and Trump’s family business.
Changpeng Zhao, commonly known as CZ, is a Chinese-born Canadian billionaire and one of the wealthiest figures in the cryptocurrency industry. He pleaded guilty in 2023 to enabling money laundering through Binance, which allowed criminal groups to move funds linked to drug trafficking and child abuse. Zhao served a four-month prison sentence and was released in September 2024, after which he agreed to step down as CEO of Binance, the world’s largest crypto exchange. His prosecution was described by government officials as causing “significant harm to U.S. national security.”
The pardon, issued last month, lifts restrictions that had prevented Zhao from running financial ventures, but it remains unclear how this affects his standing with U.S. regulators or his future role at Binance. White House Press Secretary Karoline Leavitt defended the move, calling it a correction of the Biden administration’s “overreach” and part of a broader “war on cryptocurrency.” She stated that the case had been thoroughly reviewed, and the president exercised his constitutional authority to address what he viewed as misjustice.
Critics have raised concerns about a potential conflict of interest, as Trump’s sons, Eric and Don Jr., are involved in World Liberty Financial, a crypto venture that struck a multibillion-dollar deal with Binance. Reports indicate that Binance formed a task force after Trump’s election to explore deals that could aid in securing a pardon for Zhao, leading to allegations of pay-for-play. The Trump family has denied any involvement in the pardon decision, but the partnership helped raise World Liberty’s market capitalization from $127 million to over $2 billion.
During the interview, Trump emphasized his support for the cryptocurrency industry, stating that he wants to “make crypto great for America” and ensure the U.S. leads in this emerging technology to compete with global rivals like China. He argued that the prosecution of Zhao was unwarranted and part of a pattern of targeting under the Biden administration. Trump also expressed pride in his sons’ involvement in crypto, viewing it as a promising sector for economic growth, despite his claimed ignorance of Zhao’s identity.
The pardon has drawn backlash from some of Trump’s supporters, including GOP lawmakers who expressed unease with the move. It highlights ongoing debates about the ethics of presidential pardons and their connection to personal financial interests, especially in the rapidly evolving crypto sector. The incident underscores the complex interplay between politics, business, and technology, with implications for transparency and accountability in government actions.
Looking ahead, this incident may influence future regulatory frameworks for cryptocurrency and discussions on presidential powers. It could shape how similar cases are handled, particularly as digital assets gain prominence in the global economy. The fallout may also affect public trust in political decisions involving high-stakes industries, emphasizing the need for clear guidelines to prevent perceived conflicts of interest.