Trump, who pardoned Binance founder CZ, denies ever knowing him
Trump claims that despite pardoning Changpeng Zhao for money-laundering, he has “no idea” who the cryptocurrency billionaire is.
Changpeng Zhao, the wealthy creator of Binance, was granted a presidential pardon by US President Donald Trump last month, but he has denied knowing him.
After Zhao resigned as CEO of Binance and entered a guilty plea in 2023 to facilitating money laundering, Trump was questioned about why he pardoned Zhao.
Well, are you prepared? Trump said, “I don’t know who he is,” saying he had “no idea who he is” and couldn’t remember ever meeting Zhao. The president claimed that the government of former US President Joe Biden told him the billionaire was the target of a “witch hunt.”
Zhao, also referred to as “CZ,” entered into a plea agreement with US authorities and was sentenced to four months in prison. Since then, his enterprises have collaborated on cryptocurrency projects with businesses associated with Trump, such as Dominari Holdings, where Trump’s sons are on the board of advisers.
According to Trump, the US must take the lead in the cryptocurrency space or risk falling behind China and other competitors. He reaffirmed his support for innovation in the space.
The presidential pardon removes the limitations that had prevented Zhao from managing financial endeavors, but it is unknown if this will have an impact on his regulatory standing or position at Binance, the biggest cryptocurrency exchange in the world.
White House Press Secretary Karoline Leavitt defended the pardon, claiming that Zhao’s trial was a part of the Biden administration’s “war on cryptocurrency.” She stated, “This case was overly prosecuted.” “The president has exercised his constitutional authority to rectify this overreach.”
The Trump administration has already come under fire for its lax treatment of cryptocurrency CEOs. A fraud investigation against businessman Justin Sun, a significant investor in the Trump family’s cryptocurrency company World Liberty Financial, was previously stopped. The founders of BitMEX and Ross Ulbricht, the man behind Silk Road, a dark web bazaar notorious for aiding the illicit drug trade, were also pardoned by the president.
