In a 60 Minutes interview, President Donald Trump stated he does not know Changpeng Zhao, the founder of cryptocurrency exchange Binance, despite pardoning him last month. Zhao had pleaded guilty in 2023 to anti-money-laundering violations and served four months in prison. The pardon has raised questions due to business ties between Binance and the Trump family's cryptocurrency firm.
Changpeng Zhao, known as CZ, founded Binance, the world's largest cryptocurrency exchange. In 2023, he pleaded guilty to charges related to violating anti-money-laundering laws, after Binance allegedly failed to report suspicious transactions involving groups like Hamas and al-Qaida. Federal prosecutors stated that Zhao caused "significant harm to U.S. national security." As part of the plea deal, Zhao paid a $50 million fine, served nearly four months in prison, and Binance was fined $4 billion and banned from operating in the United States.
On October 28, 2025, President Trump pardoned Zhao, with the White House citing prosecution as part of Biden's "war on cryptocurrency." Trump later described Zhao as a victim of a "Biden witch hunt" and noted he acted at the request of supporters who said Zhao was not guilty of a crime.
During a 60 Minutes interview aired on November 3, 2025, correspondent Norah O’Donnell asked Trump about the pardon. "I don’t know who he is," Trump responded. He added, "I know nothing about the guy," and claimed no recollection of meeting Zhao. When pressed on potential conflicts, given Binance's business dealings with World Liberty Financial—a cryptocurrency firm co-founded by Trump's sons Eric and Donald Jr.—Trump said, "My sons are into it. I’m glad they are, because it’s probably a great industry, crypto. I think it’s good. They’re running a business, they’re not in government."
Binance facilitated a $2 billion purchase of World Liberty Financial's stablecoin earlier in 2025, boosting the firm's profile. World Liberty Financial has denied any involvement in the pardon decision.
The pardon has drawn criticism, including from outgoing Republican Senator Thom Tillis, who called it a "bad signal." It coincides with Republican-led investigations into former President Joe Biden's use of an autopen for signatures, including pardons, which they deem illegitimate. House Speaker Mike Johnson, when asked about Trump's statements, replied, "I don’t know anything about it."
Trump has expressed support for making the U.S. a leader in cryptocurrency. Zhao, retaining his stake in Binance, thanked Trump on X, promising to help "make America the Capital of Crypto."
