President Donald Trump has ignited a fresh wave of controversy surrounding his use of executive clemency, telling a national audience that he has “no idea who he is,” days after issuing a full pardon to cryptocurrency multi-billionaire and Binance founder, Changpeng Zhao (known as “CZ”).
The stunning claim was made during a televised interview with CBS News’ 60 Minutes broadcast on Sunday, during which the President defended his decision to grant clemency to one of the world’s most high-profile figures in digital finance, who pleaded guilty in 2023 to enabling money laundering at the world’s largest crypto exchange.
The Executive Action and the Denial
The pardon, granted last month, effectively wiped out the conviction of Zhao, who had recently completed a four-month prison sentence. Zhao’s original plea deal had centered on Binance’s failure to maintain an effective anti-money laundering program, which prosecutors alleged allowed millions in illicit funds tied to terrorist groups, child sex abuse, and drug trafficking to move through the platform.
When asked about the pardon during the interview, President Trump was unequivocal in his denial of any personal connection to the crypto mogul.
“I don’t know him. I don’t believe I’ve ever met him,” the President stated, adding, “I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt.”
President Trump defended his use of the pardon power by claiming that Zhao had been “persecuted by the Biden administration” and that “a lot of people say that he wasn’t guilty of anything.”
Allegations of Conflict of Interest
The President’s claim of ignorance is meeting intense skepticism, particularly from ethics watchdogs and Democratic lawmakers, who point to a clear financial nexus between the pardoned billionaire and the Trump family’s own burgeoning crypto interests.
- Family Ties: The President’s sons, Eric and Donald Jr., launched a cryptocurrency company, World Liberty Financial, last year.
- The $2 Billion Transaction: Reports surfaced earlier this year detailing a massive $2 billion transaction involving an Emirati investment fund and Binance, which utilized a stablecoin developed by World Liberty Financial. Critics allege this transaction, which significantly boosted the value and legitimacy of the Trump family’s digital currency, created an inherent conflict of interest ahead of the pardon.
- Lobbying Effort: Senator Elizabeth Warren (D-MA), a vocal critic of the crypto industry, wrote on X following the pardon, “First, Changpeng Zhao pleaded guilty to a criminal money laundering charge. Then he boosted one of Donald Trump’s crypto ventures and lobbied for a pardon. Today, Donald Trump did his part and pardoned him.”
The White House Press Secretary has strongly rejected any claims of corruption, asserting that the pardon followed a “thorough review” and was issued to “correct this overreach of the Biden administration’s mis-justice” against the cryptocurrency industry.
Despite the White House defense, the image of the sitting President claiming to not know the identity of a recently pardoned billionaire—a man whose company has direct financial ties to the President’s family business—ensures that the debate over executive clemency and the political influence of the crypto industry is far from over.