Trump: "I don't know" Binance founder he pardoned
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President Trump delivers remarks during the APEC CEO Summit at the Gyeongju Arts Center on Oct. 29 in Gyeongju, South Korea. Photo: Andrew Harnik/Getty Images
President Trump claimed he didn't know who crypto exchange founder Changpeng Zhao was in an interview aired Sunday, less than two weeks after he pardoned him.
Why it matters: The pardon sparked bipartisan criticism, aggravated by the reported connections between the Trump family's crypto empire and Zhao's Binance.
Driving the news: Asked during his sit-down with CBS News' "60 Minutes" why he pardoned CZ, Trump replied, "Okay, are you ready? I don't know who he is."
- He argued CZ's case was a "Biden witch hunt," claiming that "this man was treated really badly by the Biden administration."
- Trump continued, "I said, 'Eh, it may look bad if I do it. I have to do the right thing.' I don't know the man at all. I don't think I ever met him. Maybe I did."
- White House press secretary Karoline Leavitt said in a statement provided to Axios, "Neither the President nor his family have ever engaged, or will ever engage, in conflicts of interest."
Catch up quick: Zhao, better known as CZ, was sentenced to four months in prison after pleading guilty to violating the Bank Secrecy Act for failing to implement anti-money laundering procedures.
- The U.S. government accused him of causing "significant harm to U.S national security" and said he "violated U.S. law on an unprecedented scale."
- Then-Treasury Secretary Janet Yellen said that "Binance turned a blind eye to its legal obligations in the pursuit of profit," allowing "money to flow to terrorists, cybercriminals, and child abusers through its platform."
Reality check: Trump has accused former President Biden of lacking awareness over his own pardons — claims now under review by Attorney General Pam Bondi — even as Trump distanced himself from the details of Zhao's.
Follow the money: CBS News' Norah O'Donnell, asked Trump about reports that Binance helped boost World Liberty Financial, the Trump family's crypto venture, when an Emirati state-backed venture fund agreed to use World Liberty's new stablecoin to complete a $2 billion investment in Binance.
- Trump claimed he knew "nothing about it" because he was "too busy" with other things. He added that his "sons are into it," referring to cryptocurrencies, according to an interview transcript.
- Binance also wrote the basic code behind World Liberty's stablecoin, USD1, Bloomberg reported.
- Pressed if he was concerned about the appearance of corruption, the president responded, "I can't say, because — I can't say — I'm not concerned." He added, "I'd rather not have you ask the question."
The bottom line: After extensive lobbying, Trump's presidential pardon likely reopens the door for Zhao's global powerhouse crypto exchange to operate in the U.S.
Go deeper: Congress erupts over Trump's billion-dollar crypto deal
