Donald Trump Claims He Doesn’t Know Binance Founder Changpeng Zhao Despite Issuing a Presidential Pardon
US President Donald Trump has downplayed his ties to Changpeng Zhao, the billionaire founder of Binance, saying he does not know who Zhao is — even though he granted him a presidential pardon just last month.
The comments came during an interview on CBS News’ 60 Minutes, which aired on Sunday, where Trump was questioned about his decision to pardon Zhao, also known as “CZ.” The Binance founder had previously pleaded guilty to enabling money laundering in 2023, served four months in prison, and resigned as the CEO of Binance, the world’s largest cryptocurrency exchange.
Trump Denies Knowing Zhao Despite Business Links
When asked by CBS anchor Norah O’Donnell why he pardoned Zhao despite US prosecutors warning that his actions caused “significant harm to national security,” Trump appeared dismissive.
“Okay, are you ready? I don’t know who he is,” Trump said. “I have no idea who he is. I don’t remember meeting him. I was told he was treated very unfairly — a victim of another Biden witch hunt.”
Trump’s remarks raised eyebrows, particularly given that Zhao’s companies have partnered with Dominari Holdings, a Trump-linked digital currency venture headquartered in Trump Tower, where Trump’s sons reportedly serve on the board of advisers.
Zhao’s Legal Troubles and the Presidential Pardon
Changpeng Zhao’s legal saga began in 2023 when he pleaded guilty to failing to implement adequate anti-money-laundering controls at Binance, allowing criminal networks to move funds through the platform. The US Department of Justice said Binance’s weak compliance enabled illicit money flows that “posed a threat to US national security.”
Zhao agreed to pay a massive $50 million fine and step down as Binance’s chief executive. The company itself paid $4.3 billion in penalties, one of the largest corporate fines in American history.
The case was a landmark moment in the US government’s crackdown on cryptocurrency exchanges accused of facilitating illegal financial activity.
However, Trump’s decision to pardon Zhao in October effectively wiped away the legal restrictions preventing the billionaire from operating financial ventures in the United States. Still, it remains unclear whether the pardon will change Zhao’s regulatory standing or allow him to officially resume a leadership role at Binance.
White House Defends the Pardon as “Correcting a Misjustice”
After the pardon was issued, White House Press Secretary Karoline Leavitt defended Trump’s decision, arguing that Zhao’s prosecution had been politically motivated.
“This was an overly prosecuted case by the Biden administration,” Leavitt said in a statement. “The president reviewed it carefully and determined that the case represented a misjustice — an overreach by a government waging war on cryptocurrency.”
She insisted that Trump’s pardon was about “restoring fairness” and not about personal or financial connections. “The president exercised his constitutional authority to correct what he viewed as a grave error,” Leavitt said.
Trump Reaffirms Support for Cryptocurrency Leadership
During his 60 Minutes appearance, Trump used the opportunity to reaffirm his belief that the United States must lead the global cryptocurrency revolution.
“We can’t let China or anyone else get ahead of us,” Trump said. “Crypto is the future of finance, and if we don’t take the lead, others will.”
He has positioned himself as a pro-crypto president, reversing his earlier skepticism toward digital assets. His administration has increasingly embraced blockchain innovation and has fostered relationships with major players in the industry — though not without controversy.
Trump’s Crypto Connections Raise Questions
Zhao’s partnership with Dominari Holdings, a company tied to the Trump family, has raised speculation about possible conflicts of interest. Dominari has been involved in digital asset projects in collaboration with Binance-affiliated entities, and two of Trump’s sons — Donald Jr. and Eric Trump — reportedly sit on its advisory board.
Dominari is also linked to World Liberty Financial, a Trump-backed crypto firm that launched a stablecoin earlier this year. That digital currency will reportedly be used by an Abu Dhabi investment company for a $2 billion partnership with Binance, further intertwining the Trump family’s business interests with Zhao’s network.
Critics say these overlapping relationships make Trump’s claim of not knowing Zhao difficult to believe. Ethics experts have suggested that the pardon could appear to be financially motivated, though no direct evidence has been presented.
A Pattern of Crypto-Friendly Pardons
Trump’s pardon of Changpeng Zhao follows a pattern of leniency toward high-profile cryptocurrency figures. Earlier this year, he pardoned the founders of BitMEX, another major crypto exchange, who had faced money-laundering-related charges.
He also controversially pardoned Ross Ulbricht, the founder of the Silk Road, an infamous dark web marketplace once used for illegal drug trade. Ulbricht had been serving a life sentence but was granted clemency under Trump’s administration.
These moves have reinforced Trump’s reputation as the most crypto-friendly president in US history — a stark contrast to the Biden administration, which has taken a stricter stance on the digital asset sector.
Critics Question the Motives Behind Trump’s Decisions
Opponents argue that Trump’s pro-crypto posture and the series of pardons benefit his personal business interests more than the American public. Some point to his family’s financial ties to emerging blockchain ventures as evidence of a potential conflict of interest.
“Trump’s pardons aren’t just political — they’re personal,” said a Washington ethics analyst. “Many of these individuals have direct or indirect ties to ventures that financially benefit the Trump family.”
However, supporters argue that Trump’s actions are consistent with his broader philosophy of deregulation and innovation. “He’s removing unnecessary government interference,” said one Trump campaign adviser. “Crypto entrepreneurs have been targeted unfairly by the previous administration.”
Changpeng Zhao: The Billionaire at the Center of Controversy
Changpeng Zhao, 47, remains one of the most influential figures in the global cryptocurrency world. Born in China and raised in Canada, Zhao launched Binance in 2017, quickly turning it into the largest crypto exchange by trading volume.
Despite his conviction, Zhao continues to command immense wealth and influence, with an estimated net worth exceeding $20 billion. His brief prison sentence did little to diminish his status among crypto investors, many of whom view him as a visionary who challenged outdated financial systems.
Following his release, Zhao relocated to the United Arab Emirates, where Binance maintains a major presence.
The Broader Impact on Crypto Regulation
Trump’s pardon of Zhao could have ripple effects across the global crypto industry. Analysts say the move might embolden other executives facing scrutiny from US regulators. It could also complicate the government’s ongoing efforts to enforce stricter anti-money-laundering standards in the digital asset sector.
Financial watchdogs have warned that such leniency might signal to global markets that the US is easing its regulatory grip — potentially encouraging riskier behavior from major crypto exchanges.
Conclusion: Political Strategy or Principle?
Donald Trump’s insistence that he doesn’t know Changpeng Zhao may raise more questions than it answers. The billionaire’s deep business connections with Trump-linked ventures, coupled with the president’s aggressive pro-crypto stance, make the pardon one of the most controversial of his administration.
Whether Trump’s actions were driven by principle, political calculation, or business interests, they have once again placed him at the center of the debate over the future of cryptocurrency regulation in America.
For now, both Trump and Zhao are moving forward — one with his campaign for re-election, the other rebuilding his crypto empire — as the world watches how their stories continue to intertwine.