US president Donald Trump has claimed he does not know Changpeng Zhao, the billionaire founder of cryptocurrency exchange Binance, despite granting him a presidential pardon last month.
Speaking to reporters, Trump dismissed suggestions of personal ties to Zhao, who pleaded guilty in 2023 to violating US anti–money laundering laws and resigned as Binance’s chief executive.
“Okay, are you ready? I don’t know who he is,” Trump said. “I have no idea who he is. I was told he was a victim of a witch hunt by the Biden administration.”
Zhao, popularly known as “CZ,” served four months in prison after reaching a plea deal with US prosecutors. Since his release, several of his companies have reportedly entered into partnerships with firms linked to Trump, including Dominari Holdings, where two of Trump’s sons serve on the board of advisers.
Defending his decision, Trump said the pardon aligned with his broader support for cryptocurrency innovation, warning that the United States must lead the digital finance revolution “or risk losing ground to China and others.”
The pardon effectively lifts restrictions that had barred Zhao from operating financial ventures, though it remains unclear whether it restores his regulatory clearance or executive role at Binance, the world’s largest crypto exchange.
White House Press Secretary Karoline Leavitt defended the president’s move, describing Zhao’s prosecution as part of a “war on cryptocurrency” waged by the previous Biden administration. “This was an overly prosecuted case,” she said. “The president wants to correct that overreach and exercised his constitutional authority accordingly.”
The Trump administration has previously faced scrutiny for leniency toward cryptocurrency executives. Earlier this year, it halted a fraud case against Justin Sun, a major investor in the Trump-linked crypto firm World Liberty Financial. Trump has also granted pardons to the founders of BitMEX and Ross Ulbricht, the creator of Silk Road, a notorious dark web marketplace once used for illegal drug trade.
