Washington: US President Donald Trump stated in an interview on Sunday that he does not personally know Changpeng Zhao, the billionaire founder of the cryptocurrency exchange Binance, despite recently pardoning him.
According to Anadolu Agency, during a discussion with CBS News' 60 Minutes, Trump remarked, "Okay, are you ready? I don't know who he is." He further explained, "I know he got a four-month sentence or something like that, and I heard it was a Biden witch hunt." Zhao, commonly referred to as C.Z., had pleaded guilty in 2023 for failing to maintain an effective anti-money laundering program at Binance. After serving a four-month prison term, Zhao was released in September 2024. On October 23, the White House confirmed that Trump had granted him a presidential pardon.
The White House spokesperson, Karoline Leavitt, stated, "President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency." She further accused the Biden administration of pursuing Zhao "despite no allegations of fraud or identifiable victims."
Binance, which was once the largest crypto exchange globally, admitted to sanctions and licensing violations in 2023 and agreed to pay over $4 billion in penalties. Subsequently, it has been banned from operating in the US, although a smaller affiliate, Binance.US, continues its operations.
During the 60 Minutes interview, Trump was questioned about potential 'pay-for-play' concerns following reports that Binance supported World Liberty Financial, a cryptocurrency venture co-founded by his sons, Donald Trump Jr. and Eric Trump. Trump responded, "Well, here's the thing. I know nothing about it because I'm too busy doing other things. My sons are into it. I'm glad they are, because it's probably a great industry-crypto. I think it's good. You know, they're running a business. They're not in government."
World Liberty Financial presents itself as a firm that "blends traditional finance with the transparency of blockchain" to connect "classic banking with the digital financial future." The company was co-founded by the Trump brothers, developer Zach Witkoff-son of longtime Trump confidant Steve Witkoff-and crypto entrepreneurs Chase Herro and Zak Folkman. CBS News reported that World Liberty Financial denied any involvement in Zhao's pardon.