Trump denies knowing Binance's Zhao after granting him pardon

US President Donald Trump has claimed no personal acquaintance with Changpeng Zhao, the founder of the global cryptocurrency exchange Binance, despite recently granting him a presidential pardon. The declaration was made during a wide-ranging interview on CBS's 60 Minutes. "Okay, are you ready? I don’t know who he is," Trump stated, adding that he believed Zhao was a target of a "Biden witch hunt."

White House Justifies the Pardon

The White House confirmed the pardon last month, framing it as a corrective measure. "President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency," stated spokesperson Karoline Leavitt. She emphasized that the case involved no allegations of fraud or identifiable victims. Zhao pleaded guilty in 2023 to anti-money laundering failures and served a four-month prison sentence, while his company, Binance, paid over $4 billion in penalties.

Questions Over Connections and "Pay-for-Play"

The interview raised questions about potential conflicts of interest, following reports that Binance supported a crypto venture co-founded by the president's sons, Donald Trump Jr. and Eric Trump. When asked about the arrangement, Trump distanced himself, saying, "I know nothing about it because I’m too busy doing other things." He expressed support for his sons' business endeavors and the crypto industry at large, stating, "I think it’s good. You know, they’re running a business. They’re not in government." The company in question, World Liberty Financial, has denied any involvement in the pardon process.