Donald Trump has admitted in a televised interview that he does not know who Changpeng Zhao is, despite having pardoned the cryptocurrency billionaire last month. This revelation came during a discussion on CBS’s 60 Minutes, where Trump was questioned about his decision to pardon Zhao, the founder of Binance, who had been convicted for enabling money laundering.
During the interview that aired on Sunday, November 2, 2025, Trump was asked by host Norah O’Donnell why he pardoned Zhao, given that federal prosecutors had described the crypto tycoon’s actions as causing “significant harm to US national security.” Trump responded bluntly, “OK, are you ready? I don’t know who he is,” and added that he had no recollection of meeting Zhao or any personal knowledge of him beyond being told that he was a victim of a “witch-hunt” by the Biden administration.
Changpeng Zhao, commonly known as “CZ,” is the co-founder of Binance, the world’s largest cryptocurrency exchange. In 2023, he pleaded guilty to charges of failing to implement adequate anti-money laundering controls, which allowed suspicious transactions with groups like Hamas and al-Qaeda to go unreported. As part of his plea deal, Zhao served nearly four months in prison, paid a $50 million fine, and stepped down as CEO of Binance.
Trump pardoned Zhao in October 2025, with the White House justifying the move as correcting an “overreach” by the Biden administration, which they claimed was waging a “war on cryptocurrency.” The pardon lifted restrictions that had prevented Zhao from engaging in financial ventures, though it remains unclear how it affects his regulatory standing or role at Binance. Press Secretary Karoline Leavitt stated that the case had been “thoroughly reviewed” and the president exercised his constitutional authority to address what he saw as injustice.
Following the pardon, Zhao expressed gratitude on social media platform X, promising to “do everything we can to help make America the Capital of Crypto.” This aligns with Trump’s stated goal of ensuring the U.S. leads in cryptocurrency development, a stance he reiterated in the interview, warning that failure to do so could allow rivals like China to gain an advantage in the emerging technology.
The pardon has drawn scrutiny due to Zhao’s business connections with firms linked to Trump’s family. For instance, Binance has partnered with World Liberty Financial, a cryptocurrency company owned by Trump’s sons, and a stablecoin launched by that firm was used in a $2 billion investment in Binance. Critics argue that these ties suggest the pardon may have been influenced by personal financial interests, though the White House has denied any impropriety.
Trump’s admission of not knowing Zhao comes amid broader political controversies, including Republican efforts to investigate the Biden administration’s use of autopen signatures for official documents. Some Republicans have called for pardons signed by autopen under Biden to be voided, though it is unknown if Trump’s pardon for Zhao was signed this way. This incident adds to debates over transparency in presidential decision-making.
As the U.S. continues to grapple with cryptocurrency regulation, Trump’s actions and statements are likely to fuel further discussion on the balance between innovation and security. The outcome could shape future policy, international competitiveness, and public trust in the use of executive powers for pardons in high-profile cases.