United States President Donald Trump said he “knows nothing” about Binance founder Changpeng Zhao (CZ), whom he pardoned last month.
Speaking on CBS's “60 Minutes,” Trump said, “I don't know who it is. I can only say my sons are involved. Cryptocurrency is probably a great industry, so I'm happy with it.”
Trump claimed that CZ was being “targeted for political purposes” by the Justice Department but offered no evidence. US federal prosecutors indicted Zhao in 2023 on charges of turning a blind eye to money laundering, stating that the act “caused serious harm to US national security.” Zhao received a four-month prison sentence, and Binance was also fined $4 billion and himself $50 million.
Binance, founded by Zhao, has a business relationship with World Liberty Financial, a cryptocurrency firm founded by Trump's sons, Eric and Donald Trump Jr. This company manages many of the Trump family's crypto projects. According to The Wall Street Journal, World Liberty Financial's native token is traded on an exchange operated by Binance.
Trump responded to questions about this conflict of interest by saying, “I don't know anything because I'm busy with other things.”
The pardon sparked backlash from both Democrats and some Republicans, with North Carolina Senator Thom Tillis calling Trump's decision a “bad message.”
Democrats, on the other hand, compared Trump's remarks to past Republican criticisms of President Joe Biden. During Biden's administration, Republicans claimed that some pardons were signed “without Biden's knowledge,” while Trump, at the time, said, “Biden didn't know what he was signing.”
*This is not investment advice.
