U.S. President Donald Trump has defended his decision to pardon Changpeng “CZ” Zhao, the co-founder of Binance, stating the move was not politically motivated and that he has no personal connection to the crypto executive.
Speaking during an interview on CBS News’ 60 Minutes on Sunday, the president reiterated that he does not know Zhao and dismissed claims that the pardon was linked to any personal or financial interests.
Trump explained that he had heard CZ’s legal troubles were part of what he called a politically driven campaign initiated under the previous administration. He characterized Zhao as a target of what he views as the misuse of government power, maintaining that his decision to pardon him was based on broader principles rather than personal relationships.
Addressing the “Pay-for-Play” Allegations
During the interview, Trump was questioned about reports suggesting that Binance had facilitated a $2 billion stablecoin purchase tied to World Liberty Financial (WLFI), a venture reportedly backed by the Trump family. Critics have implied that this transaction may have influenced Zhao’s pardon.
The president brushed off these allegations, saying he was unaware of any such deal and had been focused on other responsibilities. He acknowledged that his sons are involved in the crypto business but emphasized that their activities are independent of his presidential role. He added that he is proud of their entrepreneurial ventures, describing crypto as an innovative and fast-growing industry.
The president appeared to separate his administration’s stance from his family’s business dealings, insisting that his focus remains on governance and not on private ventures.
Trump Frames Pardon as a Move to Protect Crypto Innovation
When asked to elaborate on his view of Zhao’s case, Trump said he perceives the former Binance CEO as someone unfairly targeted by what he called a hostile political environment. He positioned his decision as a defense of the broader crypto industry, which he described as vital to America’s technological and financial leadership.
According to Trump, overregulation and political persecution could harm innovation and drive the crypto sector overseas. He said his administration aims to strengthen the United States’ position in the global crypto race, especially amid growing competition from China, which he noted is investing heavily in blockchain technology.
Trump concluded by emphasizing his goal to make the U.S. a global leader in crypto development, suggesting that punishing key figures in the industry could have long-term negative effects on innovation and economic growth.