Former President Donald Trump has stirred controversy with his recent comments regarding the pardon of Changpeng “CZ” Zhao, the founder of cryptocurrency exchange Binance, who had been convicted of money-laundering. In an interview on “60 Minutes,” Trump stated he had no knowledge of Zhao and claimed he was too preoccupied to keep track of the pardon he authorized.
Zhao had pled guilty to money-laundering violations that enabled criminal organizations to move funds linked to serious crimes, including drug trafficking and child abuse. His four-month prison sentence was served following his conviction in 2023, and he was released in September 2024.
The pardon took place just months after Binance partnered with World Liberty Financial, a crypto venture co-founded by Trump’s sons, Eric and Donald Jr. During the interview, when pressed by correspondent Norah O’Donnell about the timing of the pardon relative to this partnership, Trump responded dismissively, asserting that he was unaware of Zhao’s situation and that the pardon was the result of recommendations he received from others.
O’Donnell challenged Trump regarding potential conflicts of interest, referencing the multibillion-dollar deal between Binance and World Liberty Financial. Trump maintained that he was uninformed about the specifics surrounding Zhao, stating, “I don’t know the man at all.” He reiterated that he believed Zhao had been wrongly prosecuted and that many had suggested the pardon was a necessary step.
Despite Trump’s defense, the pardon has faced backlash from numerous quarters, including some of his staunchest supporters. Critics have expressed concerns over whether the deal between Binance and World Liberty Financial influenced the clemency decision. Reports suggest that after Trump’s election win, Binance established a task force to explore strategies that would enhance World Liberty’s market position, which ultimately rose significantly following the partnership.
As the story unfolds, it remains to be seen how these developments will impact the reputations involved and the broader discussions surrounding cryptocurrency regulations in the United States.