During a recent interview on CBS’ “60 Minutes,” President Donald Trump expressed a curious disconnect regarding Changpeng Zhao, the founder of Binance, a prominent cryptocurrency exchange. Despite having pardoned Zhao in October, Trump claimed, “I don’t know who he is,” when questioned about the motives behind the pardoning decision. Zhao, who stepped down from his role as CEO of Binance late last year, admitted guilt to charges related to inadequately addressing money laundering practices within his exchange. He was sentenced to four months in jail and released in September 2024.
Trump suggested that his decision to grant clemency to Zhao stemmed from a desire to bolster America’s competitiveness in the global crypto market. He criticized the Biden administration, accusing it of conducting a “witch hunt” against Zhao while insisting he had no prior knowledge of the case. “My sons are involved in crypto much more than I am,” Trump remarked, indicating a detachment from the industry yet emphasizing its significance for the nation’s economic future. He warned that without proper leadership in the crypto sector, the U.S. risks ceding dominance to nations like China and Japan.
While Trump maintained that he was unfamiliar with Zhao, he claimed that Zhao was treated unjustly by the Biden administration, arguing that the former CEO was unjustly targeted alongside other individuals he deemed victims of political persecution. This position stands in stark contrast to Trump’s previous critiques of President Biden’s use of an autopen for pardons, a method he asserted raises questions about the validity of those clemencies.
In a related dimension, Binance agreed to pay $4.3 billion in 2023 to resolve a prolonged investigation over accusations that its users were engaged in numerous illicit transactions, including activities linked to terrorism and child exploitation—a penalty described by then-Attorney General Merrick Garland as one of the heftiest corporate fines in U.S. history.
Following Trump’s election, Zhao actively campaigned for clemency, making public declarations in support of the president and formally applying for a pardon. This effort coincided with Binance’s financial involvement with World Liberty Financial, a cryptocurrency platform with ties to Trump’s family. Reports indicated that World Liberty planned to allocate significant revenue to a company associated with Trump, stirring investigations into possible conflicts of interest.
Though Trump underscored that he is preoccupied with other matters, he acknowledged the importance of the crypto industry and expressed gratitude that his sons were actively involved. As he deflected questions about pay-for-play allegations concerning Zhao’s pardon, he reiterated his lack of acquaintance with Zhao, framing him as a casualty of a purported government attack orchestrated by the Biden administration.
