Trump Distances Himself from CZ After Controversial Pardon
U.S. President Donald Trump has defended his decision to pardon Binance co-founder Changpeng “CZ” Zhao, insisting he doesn’t personally know the crypto executive and rejecting suggestions that the move was politically driven.
In an interview aired on CBS News’ 60 Minutes on Sunday, Trump reiterated that his pardon of Zhao — who pleaded guilty in 2023 to violating U.S. anti–money laundering laws — was not based on personal connection or influence.
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“Are you ready? I don’t know who he is,” Trump said when asked directly about the decision. He described the case against CZ as a “Biden witch hunt,” claiming the Justice Department had unfairly targeted the Binance founder under the previous administration.
Trump’s comments come amid fresh scrutiny over Binance’s alleged links to World Liberty Financial (WLFI), a crypto platform reportedly connected to Trump’s business network. The exchange is alleged to have facilitated a $2 billion stablecoin transaction involving WLFI shortly before CZ’s pardon — raising concerns about potential conflicts of interest.
Binance–WLFI Deal Sparks Conflict-of-Interest Questions
When pressed by 60 Minutes anchor Norah O’Donnell on whether the reported Binance–WLFI transaction influenced his decision, Trump brushed off the suggestion.
“Well, here’s the thing, I know nothing about it because I’m too busy doing the other,” Trump said. “My sons are into it, and I’m glad they are, because it’s probably a great industry — crypto. They’re running a business; they’re not in government. I’m proud of them, but I’m focused on this.”
The president went on to describe the cryptocurrency sector as a “massive industry” that the U.S. should embrace rather than stifle, emphasizing his administration’s goal of positioning America as a global leader in blockchain innovation.
“I only care about one thing,” Trump said. “I want to make crypto great for America. If you go after people, you’re going to kill that industry — and that would be very bad.”
Crypto Politics: Balancing Regulation and Industry Growth
Trump’s comments highlight the growing political divide around cryptocurrency regulation. His administration has leaned toward a pro-industry stance, contrasting sharply with the Biden-era approach that pursued enforcement actions against major exchanges, including Binance and Coinbase.
CZ, once among the most influential figures in the crypto world, stepped down as Binance CEO after his 2023 plea agreement, which included a $50 million personal fine and $4.3 billion corporate settlement with U.S. authorities. His pardon by Trump in late October reignited debate over how deeply politics may influence crypto regulation — and whether enforcement can remain independent in an increasingly politicized environment.
While Trump frames his decision as part of a broader push to support innovation, critics argue that the pardon — combined with Binance’s alleged ties to ventures linked to his family — risks blurring the line between policy and personal interest.