U.S. President Donald Trump has defended his decision to pardon Binance co-founder Changpeng “CZ” Zhao, claiming that he has no personal connection with the crypto billionaire and dismissing criticism that the move was politically driven.
During an interview with CBS News’ 60 Minutes on Sunday, Trump reiterated that he doesn’t know Zhao, who had pleaded guilty in 2023 to charges related to facilitating money laundering through Binance.
“OK, are you ready? I don’t know who he is,” Trump said when questioned about the decision.
He added that Zhao’s prosecution was “a Biden witch hunt,” suggesting that the pardon was part of his broader effort to counter what he has described as politically motivated targeting by the previous administration.
Controversy Over Binance’s Financial Links
The pardon has sparked renewed scrutiny over possible financial connections between Binance and Trump-affiliated ventures, including World Liberty Financial (WLFI), a blockchain firm linked to Trump family investments.
When pressed by CBS anchor Norah O’Donnell about reports suggesting Binance facilitated a $2 billion stablecoin purchase tied to WLFI before the pardon, Trump deflected.
“Well, here’s the thing, I know nothing about it because I’m too busy doing the other,” he said.
O’Donnell pushed back, noting, “But he got a pardon,” to which Trump replied:
“Norah, I can only tell you this — my sons are into it. And I’m glad they are, because it’s probably a great industry, crypto. I think it’s good. You know, they’re running a business; they’re not in government […] I’m proud of them, I’m focused on this.”
Trump further added that Zhao was “a victim of weaponization by the government,” reiterating his claims of political persecution under the Biden administration.
Trump Reaffirms Support for Crypto Industry
Despite the controversy, Trump doubled down on his support for the cryptocurrency sector, calling it a “massive industry” that is vital to maintaining U.S. technological leadership.
“I only care about one thing,” he said. “I want to make crypto great for America.”
He went on to argue that the U.S. must remain ahead of China in blockchain innovation, adding, “Crypto has turned out to be a massive industry, if you want to call it that. And I’m very proud to say we are far ahead of China and everybody else.”
Trump concluded that prosecuting key players could damage the industry’s momentum.
“If you go after people, you’re going to kill that industry, and that would be very bad,” he said.
