Trump Discusses Binance Founder Zhao, Claims Ignorance

During a recent interview, President Trump stated he knows “nothing” about Chao Changpeng, the founder of Binance and a convicted cryptocurrency billionaire.

Trump’s choice to pardon Zhao, who admitted guilt in 2023 for lacking an effective anti-money laundering system, has faced increasing scrutiny lately, particularly given the Trump family’s connections to cryptocurrency exchanges.

“I don’t know who he is,” Trump told CBS News’ Norah O’Donnell in the “60 Minutes” interview. “I know he was sentenced to four months in prison or something like that. And I heard it was a Biden witch hunt.”

He went on to say, “My sons are much more involved in cryptocurrencies than I am. I don’t know much about this industry, other than one thing. It’s huge. Even if we’re not in the thick of it, China or Japan or others definitely are. So I’m 100 percent behind this industry.”

Zhao, who was sentenced to four months in prison, was released last September. He has been reportedly pushing the White House for clemency in recent months, as the cryptocurrency sector seeks support from a potential second Trump administration.

This situation highlights a significant shift from the cryptocurrency industry’s uneasy relationship with the Biden administration. Many in the industry expressed dissatisfaction with former SEC Chairman Gary Gensler, whom they believe pursued regulation through enforcement.

Trump’s pardon has drawn criticism due to its connections with Binance and his family’s cryptocurrency business, World Liberty Financial, which received a $2 billion investment in crypto exchanges using its stablecoin back in May.

In the interview, Trump remarked, “I said, ‘Well, it might look bad if I do that. I have to do the right thing.’ I don’t know the guy at all. I don’t think I’ve ever met him. Maybe I shook his hand once, but I honestly don’t think I’ve ever met him.”

“I have no idea who he is,” Trump further stated. “I heard that he, like many others, was a victim of the Biden administration’s evil and horrifying group.”

When pressed by O’Donnell about his apparent lack of familiarity with Zhao, Trump responded, “I don’t know anything about it because I’m busy doing other things.”

He added, “Nora, I can tell you this: My boys are into it. I’m glad they are because crypto is probably a great industry. I think that’s a good thing. You know, they’re running a business, not part of the government.”