President Donald Trump issued a presidential pardon to Binance founder Changpeng Zhao (CZ) in October 2025, erasing his anti-money laundering conviction. Nonetheless, Trump advised 60 Minutes he doesn’t know the billionaire crypto government.
The controversial pardon ignited political backlash, as Democratic senators demanded a federal probe into potential conflicts of curiosity tied to the Trump household’s crypto enterprise dealings.
Throughout a 60 Minutes interview at Mar-a-Lago, Trump defended his choice to pardon CZ. Though the federal conviction was erased, Trump denied any private connection to CZ and described the prosecution as a “Biden witch hunt.”
“I do not know who he’s. I do know he acquired a four-month sentence or one thing like that. And I heard it was a Biden witch hunt,” TradFi media reported, citing Trump.
CZ’s 2023 conviction stemmed from Binance’s failure to implement anti-money-laundering controls that US prosecutors stated enabled terrorist teams to maneuver funds. He served a four-month jail sentence and paid a $50 million positive, whereas Binance paid a document $4.3 billion penalty.
The pardon restores CZ’s civil rights and US entry eligibility, although regulatory restrictions nonetheless forestall him from holding management roles at Binance for a number of years.
When pressed about potential pay-for-play ties between the pardon and his household’s crypto ventures, Trump stated his sons “are within the crypto business” however “they’re not authorities officers.”
World Liberty Monetary, the Trump-linked agency whose stablecoin Binance helped facilitate, denied any involvement within the choice to grant clemency.
The timing of CZ’s pardon has drawn scrutiny after studies revealed a $2 billion partnership between Binance and World Liberty Monetary earlier this 12 months.
In response to congressional investigators, Binance supported the launch of the agency’s USD1 stablecoin, attracting main Emirati funding weeks earlier than Trump’s pardon.
Lawmakers famous that Trump had not too long ago endorsed pro-stablecoin laws, elevating issues about potential conflicts of curiosity. A US Home Committee report cited potential irregularities in USD1’s reserves, international funding channels, and insider transactions involving Trump-affiliated entities.
Critics argue the pardon undermines accountability within the digital asset sector and sends “a harmful message that monetary crime could be excused by way of political affect.”
Seven Senate Democrats, led by Elizabeth Warren and Bernie Sanders, have known as for a federal investigation into the pardon, alleging abuse of government energy. Warren’s Senate Decision 466 condemns the choice as “a menace to monetary integrity and public belief,” although Senate Republicans blocked it.
