US President Donald Trump has claimed he does not know who Changpeng Zhao, the cryptocurrency billionaire and founder of Binance, is, even though he granted him a presidential pardon last month.
The comment came during an interview on CBS News’ 60 Minutes broadcast on Sunday, where Trump was asked why he pardoned Zhao despite prosecutors warning that the businessman’s actions had caused “significant harm to US national security.”
‘’Okay, are you ready? I don’t know who he is,” Trump said. “I have no idea who he is. I was told he was a victim of a witch hunt by the Biden administration.”
Zhao, widely known as “CZ,” pleaded guilty in 2023 to enabling money laundering through Binance, the world’s largest cryptocurrency exchange. As part of a settlement with US authorities, he stepped down as chief executive and served a four-month prison sentence before his early release in 2024.
The presidential pardon, issued in October, lifted restrictions that had barred Zhao from managing or investing in financial ventures. It remains unclear, however, whether the move affects his regulatory status or future business operations in the United States.
Zhao’s companies have reportedly collaborated with firms tied to Trump’s business network, including Dominari Holdings, a digital-currency enterprise based in Trump Tower, where Trump’s sons sit on the board of advisers. The White House has denied any conflict of interest, describing the pardon as an act of “correcting government overreach.”
White House Press Secretary Karoline Leavitt defended the decision, saying Zhao’s prosecution under the Biden administration was part of a broader “war on cryptocurrency.”
‘’This was an overly prosecuted case by the Biden administration,” Leavitt said in a statement. “The president exercised his constitutional authority to correct that misjustice.”
During the 60 Minutes interview, Trump reiterated his support for digital currencies, saying the United States must ensure it leads in crypto innovation or risk falling behind China and other global competitors.
His administration has taken several steps signaling closer ties to the industry. Earlier this year, the Justice Department dropped a fraud case against crypto entrepreneur Justin Sun following investments in Trump’s family firm, World Liberty Financial. In May, the company’s stablecoin was chosen by an Abu Dhabi-based investor for a $2 billion deal involving Binance.
Trump has also pardoned BitMEX founders accused of money-laundering violations and Ross Ulbricht, the creator of Silk Road, a dark web marketplace once linked to illegal drug sales.
Despite regulatory scrutiny, Binance remains the most used platform for trading digital assets worldwide. The company continues to face investigations in several jurisdictions over compliance and transparency issues.
Africa Digital News, New York
