'I Don't Know Who He Is': Trump Denies Knowing Binance Tycoon He Pardoned in $2B Crypto Scandal

President Donald Trump has denied knowing the convicted cryptocurrency billionaire he pardoned last month, despite his company's significant role in a deal that dramatically increased the value of the Trump family's crypto venture.

In an interview with CBS's 60 Minutes aired on Sunday, Trump told Norah O'Donnell, 'I don't know who he is,' when asked about Changpeng Zhao, the founder of Binance, one of the world's largest cryptocurrency exchanges.

Trump pardoned Zhao, known as CZ, on 23 October. The move came just months after Binance facilitated a $2 billion transaction that boosted the value of World Liberty Financial—an alleged crypto platform owned by the Trump family—from approximately £100 million to over £1.6 billion.

Who Is CZ and Why the Pardon Sparks Questions

Zhao pleaded guilty in 2023 to failing to maintain an adequate anti–money laundering programme at Binance. The company paid over $4 billion in penalties—one of the largest fines in US history—while Zhao paid a $50 million fine and served four months in prison.

Federal prosecutors accused Binance of allowing terrorist organisations, including Hamas, to move millions of dollars through its platform. Treasury Secretary Janet Yellen criticised Binance for 'turning a blind eye' to its legal obligations for profit, and former Attorney General Merrick Garland claimed the exchange compromised national security.

The Trump Family's Crypto Ties

When pressed by O'Donnell about Binance's involvement with his family's business, Trump dismissed any connection, saying he was 'too busy' and that his sons were handling it. 'My sons are into it. I'm glad they are, because it's probably a great industry,' he said.

The Trump family's crypto interests are tied to World Liberty Financial, founded by Eric Trump, Donald Trump Jr., and associates of real estate developer Steve Witkoff. Binance reportedly wrote the code for the company's stablecoin and continues to manage its blockchain infrastructure.

Earlier this year, an Emirati state-backed venture fund called MGX used World Liberty's stablecoin in a $2 billion investment in Binance. This deal significantly increased the firm's market value. The Wall Street Journal later reported that Binance executives had sought a strategy to secure Zhao's pardon following Trump's anticipated 2024 victory, with the investment deal seen as part of that effort.

Just days after Zhao's pardon, Binance listed World Liberty's stablecoin on its exchange, prompting accusations of corruption from Democratic lawmakers.

Political Fallout and Public Backlash

In Washington, critics have voiced concerns over the pardon. Senator Elizabeth Warren called it 'corruption, plain and simple,' arguing that Trump was enriching his family while ordinary Americans faced rising costs. Senator Chris Murphy accused Trump of running 'a full-time corruption machine,' citing Binance's promotion of the Trump family's cryptocurrency.

Trump's Defence and Broader Implications

Trump defended his decision, claiming Zhao was unfairly targeted by the Biden administration. He argued that his pardon was about maintaining US competitiveness in the crypto industry: 'If we're not going to lead it, China or Japan will.'

White House press secretary Karoline Leavitt defended the move, stating neither Trump nor his family had conflicts of interest. She accused the Biden administration of damaging US innovation through aggressive penalties against Zhao.

The controversy has cast renewed scrutiny on Trump's standards for presidential responsibility. Critics point out that, just as Trump mocked President Biden in July for alleged ignorance of his own executive actions, his denial of familiarity with Zhao suggests a similar detachment.

Following the pardon, Binance resumed operations in the US, and the Securities and Exchange Commission (SEC) dropped its remaining case against the company.