It looks like US President Donald Trump has no knowledge of the people he pardons. Reportedly, Trump said he didn’t know who Binance founder Changpeng Zhao was—despite issuing a pardon last month for the crypto billionaire who pleaded guilty to violating anti-money laundering laws—in a 60 Minutes interview that aired on Sunday night, where the president also talked about the government shutdown, immigration raids and running for a third term.
Founded in 2017 by Changpeng Zhao, known as CZ, Binance quickly became one of the world’s largest cryptocurrency exchanges. The company operates with a decentralized global structure rather than a single fixed headquarters, though the exact legal and operational setup remains somewhat opaque. Binance provides spot and futures trading, staking, and blockchain solutions via its BNB Chain, with the native token BNB playing a central role.
CZ, born in China and raised in Canada, studied computer science at McGill University before working in high-frequency trading and blockchain infrastructure. His vision of global financial access through blockchain drove Binance’s rapid growth, reaching billions in daily trading volume.
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Binance’s expansion brought significant regulatory scrutiny. In 2023, the company reached a $4.3 billion settlement with U.S. authorities over anti-money-laundering and sanctions compliance violations. CZ pleaded guilty to related charges and stepped down as CEO, succeeded by Richard Teng. In 2024, CZ was sentenced to four months in prison. These events marked major turning points for both CZ and Binance.
As of 2025, Binance remains influential in the crypto market, but ongoing regulatory and market pressures continue to shape its operations. CZ, though no longer CEO, remains a notable figure in global digital finance. Some details, such as Binance’s exact structure and future regulatory outcomes, are still evolving.
Reportedly, during the interview, the President was asked about his decision to pardon Zhao—who’s company has played a key role in boosting crypto projects backed by the Trump family.
Trump replied: “Okay, are you ready? I don’t know who he is…I know he got a four-month sentence or something like that and I heard it was a Biden witch hunt.”
The interviewer, Norah O’Donnell, pointed out that Binance “helped facilitate a $2 billion purchase” of the Trump family-backed World Liberty Financial’s stable coin and asked, “How do you address the appearance of pay for play?”
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Trump said, “Well, here’s the thing, I know nothing about it because I’m too busy.”
Reportedly, when the pardon was issued, White House press secretary Karoline Leavitt said, “President Trump has exercised his constitutional authority by issuing a pardon for [Zhao]” who she claimed was “prosecuted by the Biden administration in their war on cryptocurrency.”
The pardon of Changpeng Zhao, founder of Binance, by Donald Trump —and his admitted lack of personal knowledge of Zhao, highlights a stark intersection of politics, finance, and justice. Zhao’s rise from tech entrepreneur to crypto titan, along with Binance’s meteoric growth, should have been tempered by robust oversight. Yet a multi‑billion‑dollar settlement and a prison term in 2024 preceded the pardon, raising serious questions about accountability. While supporters frame the move as a boost for crypto innovation, critics warn it risks undermining the rule of law and appears to favour insiders with deep political connections. As the dust settles, the message is clear: influence, donations, and regulatory landscapes now weave together in unexpected ways. The broader lesson? In an era of disruptive finance, transparency and integrity must stay at the forefront, or the system loses its credibility.