'Don't know him,' says Trump days after pardoning Binance founder
What's the story
US President Donald Trump has claimed that he doesn't know Changpeng Zhao, the founder of Binance and a recent recipient of his presidential pardon. The statement was made during an interview on CBS News's 60 Minutes program. When asked why he pardoned Zhao despite government prosecutors saying he caused "significant harm to US national security," Trump simply said, "I don't know who he is."
Case details
'I have no idea who he is'
Trump said he doesn't remember meeting Zhao and has "no idea who he is." He added that he was told the businessman was a victim of a "witch hunt" by former US President Joe Biden's administration. The statement comes after Trump pardoned Zhao last month, lifting restrictions that had previously barred him from running financial ventures. However, it remains unclear if this changes his standing with US regulators or his role at Binance.
Defense statement
White House defends decision to pardon Zhao
White House Press Secretary Karoline Leavitt defended the decision to pardon Zhao, calling his prosecution under the Biden administration a part of a "war on cryptocurrency." She pushed back against critics who suggested that the pardon was motivated by Trump's personal financial interests. "This was an overly prosecuted case by the Biden administration," Leavitt said, adding that it had been "thoroughly reviewed."
Legal issues
Zhao sought solution to Binance's legal troubles in US
Zhao, aka 'CZ,' is the founder of Binance, the world's largest cryptocurrency exchange. After serving four months in prison for violating anti-money-laundering laws, Zhao's representatives approached Trump's allies around election time. They sought a solution to Binance's legal troubles in the US. Following Trump's win, Binance formed a task force to strike a deal with World Liberty Financial, Trump's family's cryptocurrency venture.
Past pardons
Other notable pardons by Trump
Binance's actions helped boost the credibility of World Liberty Financial's stablecoin product, increasing its market capitalization from $127 million to over $2.1 billion. The Trump administration had also previously dropped a fraud case against crypto entrepreneur Justin Sun after his investments in the Trump family's crypto firm, World Liberty Financial. Other notable pardons by Trump include those of BitMEX founders facing money laundering charges and Ross Ulbricht, founder of the Silk Road dark web marketplace known for the drug trade.