US President Donald Trump has denied knowing Changpeng Zhao, the billionaire founder of Binance, despite granting him a presidential pardon last month.
Trump was asked why he pardoned Zhao, who pleaded guilty in 2023 to enabling money laundering and resigned as Binance’s chief executive.
“Okay, are you ready? I don’t know who he is,” Trump replied, adding that he had “no idea who he is” and did not recall ever meeting Zhao. The president said he was told the businessman was a victim of a “witch hunt” by former US president Joe Biden’s administration.
Zhao, also known as “CZ,” served four months in prison after reaching a plea deal with US prosecutors. His companies have since partnered with firms linked to Trump on cryptocurrency ventures, including Dominari Holdings, where Trump’s sons serve on the board of advisers.
Trump reiterated his support for cryptocurrency innovation, saying the United States must lead in the sector or risk losing ground to China and other rivals.
The presidential pardon lifts restrictions that had barred Zhao from running financial ventures, although it remains unclear whether it affects his regulatory status or role at Binance, the world’s largest crypto exchange.
White House Press Secretary Karoline Leavitt defended the pardon, calling Zhao’s prosecution part of a “war on cryptocurrency” waged by the Biden administration. “This was an overly prosecuted case,” she said. “The president wants to correct this overreach and exercised his constitutional authority to do so.”
Trump’s administration has previously drawn scrutiny for its leniency toward crypto executives. Earlier, it halted a fraud case against entrepreneur Justin Sun, a major investor in the Trump family’s crypto firm, World Liberty Financial. The president also pardoned the founders of BitMEX and Ross Ulbricht, the creator of Silk Road, the dark web marketplace known for facilitating illegal drug trade.
