Trump’s Controversial Pardon of Crypto Billionaire Raises Alarms Over Use of Presidential Power
By Scott Pelley and Maria Gavrilovic, CBS News — November 16, 2025
Former President Donald Trump’s recent pardon of Changpeng Zhao, a billionaire cryptocurrency executive, has ignited concerns about the integrity of the presidential pardon power and potential conflicts of interest involving the Trump family.
Background: The Pardon and the Accused
Changpeng Zhao, founder of Binance—the world’s largest cryptocurrency exchange—was convicted last year for his company’s failure to prevent money laundering activities on its platform. In 2023, Binance pled guilty to allowing illicit transactions linked to terrorist organizations such as Al-Qaeda, Hamas, and ISIS. Binance paid a staggering $4 billion fine, and Zhao served four months in prison.
Despite these serious charges, President Trump granted Zhao a full, unconditional pardon in late October 2025. This decision came shortly after Binance provided critical technological support to World Liberty Financial, a crypto venture linked to the Trump family, raising questions about self-dealing and the influence of money on the pardon process.
Binance’s Role in the Trump Family Crypto Venture
World Liberty Financial, launched amid Trump’s 2024 presidential campaign, aimed to offer digital currency financial services. Although initially a minor project with limited staff and funding, World Liberty’s fortunes shifted dramatically following Binance’s involvement.
Sources indicate that Zhao’s company donated essential software to help World Liberty get up and running. Without Binance’s technology, insiders say the Trump family’s crypto endeavor might have struggled to launch.
Remarkably, in May 2025, an Emirati investment fund deposited $2 billion into World Liberty, transacting in its native cryptocurrency. This single infusion vaulted World Liberty from a small startup to one of the largest stablecoins globally. Experts call the deal “nuts” given the venture’s infancy.
Questions of Influence and Integrity
Elizabeth Oyer, who previously oversaw pardon applications at the Justice Department, criticized the pardon as unprecedented. “The influence that money played in securing this pardon is unprecedented,” she told CBS News. Oyer labeled the pardon “not justice” but “corruption,” highlighting the self-serving benefits to Trump and his inner circle.
Harvard law professor Lawrence Lessig, an expert on ethics and political corruption, describes the pardon and associated financial dealings as “compromising.” He explained: “We can’t know if decisions are made to help America or to privately help them.” Lessig stressed the dangers of informal financial exchanges influencing U.S. policy and decision-making.
Adding to concerns, the Emirati fund’s timing correlates closely with President Trump’s May 2025 announcement of new U.S. investments in the United Arab Emirates, including access to highly restricted AI chips. Though no direct evidence links the $2 billion crypto deal to these policy decisions, critics argue the overlap fuels suspicion of a quid pro quo.
The Financial Stake and Potential Control
Binance’s $2 billion deposit remains with World Liberty Financial, potentially generating $80 million annually in interest for entities tied to the Trump family and partners. Given that these funds constitute a majority of World Liberty’s assets, Zhao’s influence over the venture is substantial. One source told CBS News, “Zhao now controls whether [World Liberty] dies or lives. He has a sword over their head.”
Trump’s Public Statements and White House Response
In public remarks following the pardon, President Trump appeared unfamiliar with Zhao, stating, “I don’t believe I’ve ever met him,” while defending the pardon based on “a lot of support” and claims Zhao was unjustly persecuted by the Biden administration.
Regarding the Emirati investment in World Liberty, Trump claimed ignorance: “I don’t know anything about it. But I’m a big crypto fan.”
The White House maintains that neither Trump nor his family engaged in conflicts of interest. Eric Trump, a World Liberty co-founder, has also insisted that his father is not involved in the company’s operations. However, legal experts point out that Trump’s businesses remain in a family-controlled trust, suggesting indirect influence.
Implications and Outlook
This unfolding story raises significant questions about presidential pardon powers, the role of money and influence in political decisions, and the intertwining of personal business interests with foreign investment and national policy.
As the investigation continues, public scrutiny intensifies over whether the pardon and associated financial dealings represent a new low in political ethics or merely reflect opaque but legal practices. For now, critics warn of erosion in trust and potential long-term consequences for U.S. governance and foreign relations.
For confidential tips related to this story, contact 60 Minutes at CBS News.
Scott Pelley has been a correspondent for 60 Minutes since 2004 and is one of the most awarded journalists in television news. Maria Gavrilovic is a CBS News investigative reporter.