Trump Says He ‘Doesn’t Know’ Binance Founder He Recently Pardoned Amid Crypto Controversy
By Sarah Lynch Baldwin, Deputy Managing Editor, CBS News
November 3, 2025
In a revealing and wide-ranging interview with CBS News’ 60 Minutes, former President Donald Trump stated that he does not know Changpeng Zhao—widely known as “C.Z.”—the billionaire founder of Binance, a major cryptocurrency exchange, whom Trump recently pardoned.
When asked by correspondent Norah O’Donnell about Zhao, Trump responded simply, “I don’t know who he is,” and added, “I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt.”
Background of the Pardon
Zhao, a Chinese-born Canadian entrepreneur, admitted guilt two years ago related to a money laundering charge. He served a four-month prison sentence, and following his conviction, Binance was banned from operating within the United States. The U.S. government at the time accused Zhao of enabling significant harm to national security by allegedly allowing terrorist organizations such as Hamas to transfer millions of dollars using the exchange.
Despite these allegations, Trump recently granted Zhao a pardon, a move that has raised eyebrows and questions about the motives behind it.
Connections to Trump’s Family Business?
During the interview, O’Donnell highlighted a recent $2 billion transaction involving Binance, which facilitated the purchase of stablecoins issued by World Liberty Financial. The financial firm was founded last year by Trump’s sons—Eric Trump and Donald Trump Jr.—along with other partners. This development unnerved many due to the apparent ties between Binance and Trump’s family, prompting questions about potential conflicts of interest or “pay for play” accusations.
When confronted with this, Trump maintained that he was unaware of any involvement or connection, saying, “Well, here’s the thing, I know nothing about it because I’m too busy doing the other—” before being interrupted by O’Donnell who pointed out the pardon.
“I can only tell you this. 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,” Trump said.
Trump’s sons and World Liberty Financial have publicly denied any involvement or influence regarding Zhao’s pardon.
Trump’s Explanation for the Pardon
When the pardon was first announced last month, Trump was asked whether the decision was connected to his family’s crypto business. He responded by repeating, “I don’t know him. I don’t believe I’ve ever met him.” Trump also suggested Zhao was a victim of political persecution by the Biden administration.
“A lot of people said that he wasn’t guilty of anything,” Trump said. “What they said that he did is not even a crime. 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.”
Continued Debate and Criticism
The pardon has sparked scrutiny from legal experts, former Department of Justice officials, and political analysts, who question the propriety of pardoning an individual with such serious allegations and the potential implications for national security and transparency in the pardon process.
This episode adds to a growing narrative about Trump’s use of the pardon power, as well as the complexities and controversies surrounding the sometimes opaque relationship between cryptocurrency industry figures and political figures.
Robert Legare, Kathryn Watson, and Aaron Navarro contributed to this report.
Related Coverage:
- Former DOJ Pardon Attorney Criticizes Trump’s Pardon of Crypto Billionaire
- How President Trump is Changing Pardons
- Michigan Man Sentenced Over Threats Against Trump and Vance
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