During a recent interview with CBS News’ 60 Minutes, US President Donald Trump found himself in hot water after claiming he does not know who Changpeng Zhao is, despite having pardoned the cryptocurrency mogul last month. Zhao, widely recognized in the crypto world as “CZ,” had previously pleaded guilty to enabling money laundering in 2023 and served four months in prison. Following his release, he agreed to relinquish his position as chief executive of Binance, the popular crypto exchange he co-founded.
The interview, aired on Sunday, saw host Norah O’Donnell press Trump on the seemingly contradictory nature of his pardon for Zhao, particularly given prosecutors’ assertions that Zhao had inflicted “significant harm to US national security.” In a surprising response, Trump stated, “Okay, are you ready? I don’t know who he is,” dismissing any prior encounters with Zhao and asserting that he was merely acting on information that Zhao was a victim of a “witch hunt” orchestrated by former President Joe Biden’s administration.
While discussing the pardon, Trump reiterated his support for cryptocurrencies, emphasizing the need for the US to maintain a leadership position in the burgeoning industry to prevent rivals—particularly China—from gaining an upper hand. Zhao’s pardon lifted restrictions preventing him from engaging in financial ventures, but questions linger regarding its implications for his relationship with US regulators and his future role at Binance.
At the time the pardon was granted, White House Press Secretary Karoline Leavitt characterized the legal proceedings against Zhao as symptomatic of a broader “war on cryptocurrency” waged by the Biden administration. She asserted that the case had been “thoroughly reviewed” and contended that Trump was exercising his constitutional authority to rectify what she termed an overreach by the previous administration.
Binance continues to dominate the global cryptocurrency exchange landscape, remaining the most utilized platform for trading digital assets. Trump’s past tenure saw the dismissal of a fraud case against crypto entrepreneur Justin Sun, linked to investments in the Trump family’s crypto venture, World Liberty Financial. In May, news emerged that a stablecoin developed by World Liberty Financial would play a role in a $2 billion investment in Binance by a firm based in Abu Dhabi.
Moreover, Trump’s record on pardons in the cryptocurrency space includes previous actions to absolve founders of the BitMEX exchange, who faced charges related to money laundering, as well as Ross Ulbricht, the founder of Silk Road, a notorious dark web marketplace infamous for drug trafficking.
