Michaela
President Donald Trump has defended his pardon of Binance founder Changpeng “CZ” Zhao, stating he does not personally know Zhao and rejecting claims that the decision was politically motivated or tied to a $2 billion stablecoin deal connected to Trump family-affiliated World Liberty Financial (WLFI).
Key Points
- Trump emphasized his support for the crypto industry, citing his sons’ involvement, calling Zhao a victim of government “weaponization,” and stating his goal to “make crypto great for America
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- Zhao completed a four-month prison sentence in 2024 for U
Key points:
- President Trump defended his pardon of Binance founder Changpeng “CZ” Zhao, denying personal ties and dismissing claims of political motivation or involvement in a $2 billion WLFI stablecoin deal.
- Trump emphasized his support for the crypto industry, citing his sons’ involvement, calling Zhao a victim of government “weaponization,” and stating his goal to “make crypto great for America.”
- Zhao completed a four-month prison sentence in 2024 for U.S. anti-money laundering violations, resigned as Binance CEO, paid a $50 million fine, and Binance settled for $4.3 billion amid Biden-era crypto enforcement.
In a Sunday interview with CBS News’ 60 Minutes, President Trump stated that he does not personally know Zhao and described the Binance founder’s legal troubles as a “Biden witch hunt.”
When CBS anchor Norah O’Donnell asked about reports that Binance facilitated a $2 billion stablecoin purchase linked to World Liberty Financial, a deal some reports tied to Zhao’s pardon, President Trump dismissed the claims, saying he “[knows] nothing about it because [he’s] too busy.”
When O’Donnell pressed him on pardoning the Binance founder, President Trump said his “sons are into it” and expressed support for the crypto industry, calling it “probably a great industry.” He added that his sons are focused on running their business and are not involved in government.
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“I know nothing about the guy, other than I hear he’s a victim of weaponization by the government,” President Trump stated. He added that his primary focus is to “make crypto great for America.”
“Crypto has turned out to be a massive industry, if you want to call it that. 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,” President Trump said. “If you go after people, you’re going to kill that industry, and that would be very bad,” he added.
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In October, President Trump granted a pardon to Zhao, citing widespread public support and stating that “a lot of people recommended” him and that “people say he wasn’t guilty of anything.”
White House Press Secretary Karoline Leavitt stated that President Trump used his constitutional authority to pardon Zhao, who faced prosecution amid the Biden administration’s cryptocurrency enforcement efforts, adding that the decision marks “the end of the Biden Administration’s war on crypto.”
In 2024, Zhao completed a four-month prison term following a guilty plea for violating U.S. anti-money laundering laws. The case, pursued during President Joe Biden’s broader regulatory crackdown on the crypto sector, also saw Zhao resign as Binance CEO and pay a $50 million personal fine, while Binance agreed to a $4.3 billion settlement.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
