In a surprising admission during a recent 60 Minutes interview, President Donald Trump stated that he has no idea who Changpeng Zhao, the founder of Binance and one of the world’s most prominent cryptocurrency tycoons, is. The comment comes just weeks after Trump granted Zhao a presidential pardon, a move that has sparked controversy and raised questions about the reasoning behind the decision.
Zhao, widely known in the crypto world as CZ, pleaded guilty in 2023 to charges of enabling money laundering on Binance, the world’s largest cryptocurrency exchange. As part of a settlement with the Justice Department, Binance agreed to pay more than $4 billion in fines. Zhao served four months in jail before being released.
Despite the high-profile nature of the case and Zhao’s global recognition in the crypto industry, Trump told 60 Minutes that he did not know who Zhao was when he signed the pardon. “I don’t know who he is,” Trump said. “I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt.”
The president added that the pardon was “recommended by a lot of people,” but did not specify who those individuals were. He also noted that his sons are interested in cryptocurrency, which he described as “probably a great industry.”
The pardon has drawn criticism from legal experts and lawmakers, who question the transparency and criteria behind such decisions. Presidential pardons are typically reserved for individuals whose cases have garnered significant public attention or have been subject to perceived injustices. In Zhao’s case, the pardon came after a swift legal process and a relatively short prison sentence, which some argue does not meet the traditional threshold for such an executive action.
Trump’s comments also come amid broader scrutiny of his administration’s relationship with the cryptocurrency sector. Binance, under Zhao’s leadership, has played a major role in the global crypto market and has been involved in several high-profile partnerships and ventures. Notably, Binance recently supported Trump’s own cryptocurrency initiative, World Liberty Financial, further fueling speculation about the motivations behind the pardon.
Legal analysts point out that while presidents have broad authority to issue pardons, the lack of familiarity with the recipient raises concerns about due diligence and the potential for political influence. “Presidential pardons are a powerful tool, but they should be exercised with careful consideration and transparency,” said one constitutional law professor. “Saying you don’t know who you’re pardoning undermines public trust in the process.”
The White House has not released a detailed statement explaining the rationale for Zhao’s pardon, and the Justice Department has not commented on the matter. Meanwhile, Zhao has not publicly addressed the pardon or Trump’s remarks.
As the debate continues, the incident highlights the growing intersection of politics, technology, and finance in the age of cryptocurrency. With the industry’s influence expanding, questions about oversight, accountability, and the role of government in regulating digital assets are likely to remain at the forefront of public discourse.
Trump’s admission that he doesn’t know who he pardoned has become a focal point in discussions about executive power and the future of crypto regulation in the United States.