Binance co-founder Changpeng Zhao, widely known as CZ, has expressed surprise regarding Donald Trump’s pardon, vehemently denying any suggestion that the pardon resulted from business connections with the former President or his family. In a recent interview with Fox News, Zhao stated that he has never personally met Donald Trump. His only encounter with a member of the Trump family was a single meeting with Eric Trump at the Bitcoin Middle East and North Africa conference held in Abu Dhabi.
Zhao Unaware of Pardon Status
Zhao revealed that he was unaware of the timing or even if the pardon would eventually be granted. He explained that his legal team submitted the petition in April, and it took several months, during which he received no updates on its progress. The pardon, he said, “just happened one day.” He categorically dismissed the notion that business links with the Trump family played any role in the pardon, calling such claims "categorically false information." Zhao emphasized, "There’s no deal, there has never been any discussions. It’s as simple as that."
Mixed Reactions to Trump's Pardon of CZ
Zhao had previously pleaded guilty to violating the Bank Secrecy Act, specifically for failing to implement an effective anti-money laundering (AML) program at Binance. As part of his plea agreement, Zhao stepped down as CEO of Binance and received a four-month prison sentence.
Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.
🙏🙏🙏🙏Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.
(Still in flight, more posts to come.)…
— CZ 🔶 BNB (@cz_binance) October 23, 2025
The crypto community largely celebrated Zhao’s pardon, viewing it as a positive shift from what they perceived as the anti-crypto stance of the former Joe Biden administration. However, some Democratic lawmakers expressed strong criticism. Congresswoman Maxine Waters accused Trump of engaging in a “pay-to-play” arrangement, warning that it sends a “dangerous and reckless message to white-collar criminals and the entire cryptocurrency industry.” She further stated, “It’s telling crypto criminals that they can break the law, defraud investors, and get away with it, as long as they are also Trump’s benefactors.”
Similarly, Senator Elizabeth Warren, along with several other Democratic lawmakers, voiced their disapproval of the pardon in an open letter addressed to Attorney General Pam Bondi.
White House Accused of Being a "24/7 Corruption Machine"
Senator Chris Murphy criticized the White House, labeling it a "full time, 24/7 corruption machine." These remarks followed Binance.US's announcement that it would begin accepting deposits for USD1, a stablecoin issued by the Trump family's World Liberty Financial, and would commence trading a USD1/USDT pair. Murphy stated on X, "One week after Trump pardoned Binance’s owner (for a stunning array of crimes related to terrorist and sex predator financing), Binance starts promoting Trump crypto."
Binance.US, in response, denied any political motivation behind the listings, asserting that they had been approved "for some time" through their standard review process. The exchange also pointed out that over twenty other major exchanges, including Coinbase and Bybit, had also listed the tokens. A statement from Binance.US clarified, "To be clear, this was a business decision on the part of @BinanceUS and nothing more."
Trump Claims Zhao Was a Victim of a "Biden Witch Hunt"
Following the pardon, Donald Trump asserted that he does not know CZ personally and that his advisors had informed him that the case against Zhao was politically motivated. Trump stated, "He had a lot of support, and they said that what he did is not even a crime, it wasn’t a crime. He was persecuted by the Biden administration."
Appearing on the CBS show 60 Minutes, Trump reiterated that he did not know who CZ was and characterized Zhao's situation as a "witch hunt" orchestrated by the Biden administration. When questioned about whether the pardon constituted "pay to play," given Binance's business dealings with the Trump family's World Liberty Financial, Trump responded that he "knows very little about it," adding that his sons are more involved in the cryptocurrency space than he is.