Trump on Binance cryptocurrency tycoon he pardoned: “I don’t know who he is”

President Trump recently granted a pardon to Changpeng Zhao, the founder of the cryptocurrency exchange Binance, claiming that Zhao was a victim of political prosecution by the Biden administration. In a wide-ranging interview with 60 Minutes, President Trump admitted that he does not know Zhao personally, despite granting him a pardon.

During the interview, correspondent Norah O’Donnell raised concerns about the potential conflict of interest in pardoning Zhao, especially considering Binance’s involvement in a $2 billion purchase of World Liberty Financial’s stablecoin earlier this year. World Liberty Financial was founded by President Trump’s sons, Eric and Donald Jr., among others. When asked about the appearance of “pay for play,” President Trump deflected the question, stating that he is too busy to delve into such matters.

President Trump emphasized that his sons are involved in the cryptocurrency industry, including running businesses like World Liberty Financial, but he denied any personal involvement in the pardon of Zhao. Both Zhao and Binance have denied any connection to the Trump family or their businesses.

Zhao, also known as C.Z., pleaded guilty to a money laundering-related charge two years ago, resulting in a four-month prison sentence. Binance was subsequently banned from operating in the United States due to allegations of causing harm to national security by facilitating the movement of funds for terrorist groups.

After granting Zhao a pardon, President Trump faced scrutiny over the decision and its potential ties to his family’s crypto business. Despite not personally knowing Zhao, President Trump defended the pardon, citing support from individuals who believed Zhao was unfairly targeted by the Biden administration.

In conclusion, the controversy surrounding President Trump’s pardon of Changpeng Zhao highlights the intersection of politics, cryptocurrency, and personal interests. The interview with 60 Minutes sheds light on the complexities of the situation, but questions remain about the ethics and motivations behind the pardon. As the cryptocurrency industry continues to grow, it is essential for transparency and accountability to be maintained to uphold the integrity of the market.

Contributors to this report include Robert Legare, Kathryn Watson, and Aaron Navarro.