Former President Donald Trump has downplayed any personal connection to Changpeng “CZ” Zhao, the former CEO of Binance, after issuing a controversial pardon that has drawn attention due to his family’s financial ties to the cryptocurrency space.
In a rare televised interview — his first with “60 Minutes” in over five years — Trump was pressed on why he granted Zhao a pardon, even though the Binance founder had pleaded guilty in 2023 to violations of anti-money-laundering laws. Trump responded bluntly, claiming he had no direct knowledge of Zhao at the time.
“Look, I don’t know the guy,” Trump said. “From what I was told, he was given a short sentence — maybe four months or so — and it looked like another witch hunt by the Biden administration targeting crypto.”
The former president framed his decision as part of a broader effort to correct what he views as politically driven prosecutions under President Biden, particularly in relation to the digital asset sector. Trump emphasized that the information presented to him painted Zhao as a victim of an overreaching federal campaign against cryptocurrency entrepreneurs.
The issue has garnered increased scrutiny not only because of Zhao’s high-profile legal troubles but also due to the Trump family’s growing involvement in the crypto industry. Reports suggest that certain members of Trump’s inner circle have recently entered into partnerships or made investments in cryptocurrency ventures, leading to questions about whether the pardon was influenced by those interests.
When asked about the potential conflict of interest or the optics of favoritism, Trump dismissed the concerns, saying, “There was no deal. No one came to me about this guy. I made the call based on what I thought was the right thing to do. That’s it.”
Zhao, once one of the most influential figures in the crypto world, stepped down from his role at Binance following his plea agreement with U.S. authorities. In addition to the prison sentence, he agreed to pay a significant fine and relinquish executive control over the exchange he founded. The charges stemmed from allegations that Binance failed to implement adequate anti-money-laundering safeguards, thereby allowing illicit transactions to move through its platform.
Critics argue that Trump’s pardon of Zhao undermines ongoing regulatory efforts to bring more transparency and accountability to the crypto space. Legal analysts have pointed out that pardons for financial crimes — particularly those involving large-scale international operations — are rare and often politically sensitive.
Despite the backlash, Trump’s stance on cryptocurrency has evolved significantly since his presidency. While once skeptical of digital assets, he and several members of his political circle have taken a more favorable tone in recent years, especially as crypto has become a hot-button issue among younger voters and libertarian-leaning Republicans.
Trump’s son-in-law, Jared Kushner, and other close associates have reportedly been involved in blockchain-related investments. These developments have raised eyebrows, especially in light of Trump’s recent public support for crypto as a tool for “financial freedom” and innovation.
Meanwhile, Zhao has maintained a low profile since stepping away from Binance. The company itself has attempted to rebuild its reputation, appointing a new CEO and pledging to strengthen compliance protocols in the wake of enforcement actions from U.S. regulators including the Department of Justice and the Commodity Futures Trading Commission.
The controversy surrounding Zhao’s pardon has also reignited debate over the reach of presidential clemency powers. Some legal experts argue that Trump’s move, though legally sound, may erode trust in the impartiality of the justice system — especially when the subject is a high-net-worth foreign national with significant influence in a volatile financial sector.
Furthermore, the case highlights the ongoing tension between crypto innovation and regulation. While many in the industry advocate for clearer rules and government engagement, others see enforcement actions like those against Zhao as part of a broader attempt to stifle decentralization and protect traditional financial institutions.
With the 2024 election approaching, Trump’s position on crypto could become a significant talking point. His willingness to intervene in high-profile crypto cases may appeal to parts of the electorate who view digital assets as a safeguard against government overreach. However, it may also alienate voters concerned about white-collar crime and the integrity of financial markets.
In the broader context, the Zhao pardon could signal a shift in how political leaders engage with the crypto world. As digital assets become more entrenched in the global economy, their intersection with politics, law, and personal interests is likely to intensify, raising new ethical and legal questions for future administrations.
Ultimately, while Trump insists his decision was rooted in fairness rather than favoritism, the implications of the Zhao pardon will likely reverberate through both political and financial spheres for some time.