The former president defends pardoning Binance founder Changpeng Zhao, claiming he was “treated badly” by the Biden administration.
In a recent CBS News interview, President Donald Trump stated that he “doesn’t know” Changpeng “CZ” Zhao, the co-founder of Binance, despite personally granting him a presidential pardon last month. Trump justified the decision as a move to keep the United States competitive in cryptocurrency, dismissing concerns over possible conflicts of interest.
Trump’s comments come nearly a year after CZ pleaded guilty to violating the Bank Secrecy Act and served a four-month prison sentence. The pardon, issued in October 2025, reignited debate over the White House’s relationship with high-profile crypto figures.
During the CBS interview, Trump claimed Zhao was “treated really badly by the Biden administration”, calling him a “victim of weaponization by government.”
“I don’t know the man at all. I don’t think I ever met him,” Trump said. “Maybe I did. Or, you know, somebody shook my hand or something. But I don’t think I ever met him. I was told that he was a victim, just like I was and just like many other people.”
Trump further argued that the pardon was part of a broader effort to support crypto innovation and prevent the U.S. from “falling behind” in the global blockchain race.
“He was set up,” Trump claimed, adding that the move was to ensure the U.S. remains “number one in crypto.”
Addressing questions about potential conflicts of interest, Trump said his sons’ crypto-related ventures are “completely separate” from his administration.
“My sons are into it. I’m glad they are,” he added. “They’re running a business; they’re not in government.”
Criticism from lawmakers soon followed. Senator Elizabeth Warren described the pardon as an example of “pay for play”, citing Zhao’s financial ties to Trump-affiliated businesses. A lawyer representing CZ has since called Warren’s remarks defamatory, defending Zhao’s record and rejecting any suggestion of impropriety.
While Trump’s denial distances him from Zhao personally, his defense of the pardon highlights a growing divide in Washington over how to handle cryptocurrency regulation. As the industry continues to expand, political scrutiny of crypto leaders and their government connections is expected to intensify.
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