In a recent interview with 60 Minutes, President Donald Trump made headlines by stating that he does not recognize Changpeng Zhao, the billionaire founder of the cryptocurrency exchange Binance, whom he pardoned just last month. Trump characterized Zhao as a victim of political persecution orchestrated by the Biden administration. During his conversation with correspondent Norah O'Donnell, Trump remarked, "I don't know who he is. I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt."
Changpeng Zhao, commonly referred to as C.Z., is a Chinese-born Canadian entrepreneur who founded Binance, one of the world's largest cryptocurrency exchanges. Earlier this year, Binance played a pivotal role in facilitating a $2 billion acquisition of World Liberty Financial's stablecoin, a deal that significantly enhanced the profile and value of the company. Notably, World Liberty Financial was established by Trump's sons, Eric and Donald Jr., among others.
During the interview, O'Donnell challenged Trump on the implications of a potential pay-for-play scenario regarding Zhao's pardon. Trump responded, "Well, here's the thing, I know nothing about it because I'm too busy doing the other—" He attempted to deflect, but O'Donnell pressed him further, stating, "But he got a pardon." Trump reiterated his lack of knowledge about the situation, emphasizing, "My sons are into it. 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."
Two years prior to his pardon, Zhao pleaded guilty to charges related to money laundering and served a four-month prison sentence. The U.S. government claimed that his actions had severe implications for national security, accusing Binance of facilitating the movement of funds for terrorist organizations such as Hamas.
Following the announcement of Zhao's pardon, Trump faced questions about his motivations and whether the decision was influenced by his family's involvement in the cryptocurrency sector. At that time, he stated, "A lot of people said that he wasn't guilty of anything. I don't know him. I don't believe I've ever met him," insisting that Zhao had substantial support and that the alleged crimes were not legitimate. Trump concluded, "It wasn't a crime. That he was persecuted by the Biden administration. And so I gave him a pardon at the request of a lot of very good people."
This unfolding narrative not only illustrates the complex intersection of politics and cryptocurrency but also raises questions about the integrity of the pardon process and its implications for national security. As the cryptocurrency industry continues to evolve, the actions of influential figures like Trump and Zhao will likely remain a focal point of public and political scrutiny.
