US President Donald Trump says he has “no idea” who Binance founder Changpeng Zhao is, despite pardoning the cryptocurrency billionaire just last month. The comments came during a televised interview on CBS’s 60 Minutes, where Trump defended his decision by calling Zhao a victim of political persecution under the Biden administration. The move has reignited debate over Trump’s ties to cryptocurrency ventures linked to his family and his stance on digital finance regulation.
Trump Denies Knowing Zhao
When asked by 60 Minutes host Norah O’Donnell why he pardoned Zhao, who had pleaded guilty to enabling money laundering, Trump insisted he was unfamiliar with him. “Okay, are you ready? I don’t know who he is,” the president said. He added that he didn’t recall meeting Zhao and only heard he was targeted by “a witch hunt” led by former President Joe Biden’s administration.
Zhao’s Legal Troubles
Changpeng Zhao, known as “CZ,” admitted in 2023 to failing to prevent money laundering activities through Binance, the crypto exchange he co-founded. He served four months in prison and stepped down as CEO as part of a plea agreement. Despite the conviction, Binance remains the world’s most-used cryptocurrency trading platform.
Trump Family’s Crypto Links
Zhao’s companies have collaborated with firms connected to Trump’s family, including Dominari Holdings — a digital-currency project based in Trump Tower. Trump’s sons reportedly sit on its board of advisers. These connections have fueled speculation that the pardon could benefit ventures with financial links to Trump.
White House Defends Pardon
White House Press Secretary Karoline Leavitt dismissed criticism, describing Zhao’s prosecution as part of Biden’s “war on cryptocurrency.” She said the Trump administration’s decision was meant to “correct the overreach of the Biden administration’s misjustice.” Leavitt emphasized that the case was “thoroughly reviewed” before the pardon was granted.
Unclear Impact on Binance Role
While the pardon removes restrictions preventing Zhao from managing financial firms, it remains uncertain whether it changes his standing with US regulators or his position at Binance. Legal experts say the decision could complicate ongoing regulatory oversight of global crypto exchanges operating in US markets.
Trump’s Pro-Crypto Stance
During the interview, Trump reaffirmed his support for cryptocurrencies, arguing that the US must lead in digital finance to prevent rivals like China from gaining dominance. “We have to make sure we lead in this technology,” he said. His comments mark a shift from earlier skepticism toward crypto during his first term.
Pattern of Crypto Pardons
Zhao’s pardon follows a series of similar moves by Trump. He previously pardoned the founders of BitMEX, another crypto exchange accused of money laundering, and Ross Ulbricht, the creator of the Silk Road dark web marketplace. His administration also halted a fraud case against crypto entrepreneur Justin Sun after Sun invested in the Trump family’s crypto firm, World Liberty Financial.