Trump Dismisses Allegations of Favoritism
U.S. President Donald Trump has defended his decision to pardon Changpeng “CZ” Zhao, the co-founder of Binance, denying that he knows the crypto executive and rejecting claims that the move was politically driven. Speaking on CBS News’ 60 Minutes on Sunday, Trump repeated that he had no personal connection to Zhao, who was convicted in 2023 for facilitating money laundering through Binance. “OK, are you ready? I don’t know who he is,” Trump said when asked about the pardon. “I heard that his case was a Biden witch hunt.” The comments come after Trump granted Zhao a presidential pardon in late October, drawing scrutiny from lawmakers and watchdog groups who cited potential conflicts of interest involving Binance-linked crypto projects connected to Trump family ventures.
The pardon reopens questions about political influence in crypto regulation and could fuel further debate over the industry’s ties to the White House.
Binance Deal Questioned During Interview
Pressed by anchor Norah O’Donnell about reports that Binance facilitated a $2 billion stablecoin purchase tied to Trump-backed World Liberty Financial (WLFI) ahead of the pardon, Trump dismissed the claims. “Well, here’s the thing, I know nothing about it because I’m too busy doing the other,” he said. When O’Donnell interjected that Zhao had received a pardon, Trump responded, “Norah, I can only tell you this — my sons are into it. And 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 [...] I’m proud of them, I’m focused on this.” Trump described Zhao as “a victim of weaponization by the government,” calling the Biden administration “corrupt.” He added, “I know nothing about the guy, other than I hear he’s a victim of weaponization by the government.”
Trump’s Broader Crypto Stance
Throughout the interview, Trump portrayed himself as a supporter of the crypto sector, contrasting his administration’s outlook with what he described as the Biden administration’s hostility toward digital assets. “I only care about one thing,” he said. “I want to make crypto great for America.” “Crypto has turned out to be a massive industry,” he added. “And I’m very proud to say we are far ahead of China and everybody else. And China is getting into it in a very big way right now.” Trump warned against aggressive enforcement actions targeting crypto executives. “If you go after people, you’re going to kill that industry, and that would be very bad,” he said.
Trump’s remarks reinforce his administration’s political alignment with pro-crypto narratives and could influence regulatory expectations heading into 2026.
Political Fallout and Industry Reaction
Zhao’s pardon has divided opinion in Washington and across the digital asset sector. Supporters see it as a fresh start for a key industry figure who helped popularize crypto globally, while critics argue it undermines accountability after years of compliance lapses at Binance. The exchange paid $4.3 billion in penalties in 2023 as part of a U.S. settlement resolving criminal charges, one of the largest corporate fines in American history. Senator Elizabeth Warren criticized Trump’s decision in a post on X, describing the pardon as “a disgraceful message that money laundering and corporate crime go unpunished.” Zhao, who had served part of a four-month sentence before the pardon, has not publicly commented on the president’s remarks.