In defending his Oct. 23 pardon of Binance founder Changpeng Zhao, President Donald Trump claimed that Zhao was the victim of a Biden administration “witch hunt.” The billionaire executive known as “CZ” pleaded guilty to allowing money laundering through his cryptocurrency company. He was fined $50 million and served a four-month sentence in a low-security prison and halfway house.
Trump’s comments came during a Nov. 2 interview on CBS News’ “60 Minutes.” Trump said, “I don’t know who he is” and “I know nothing about the guy,” though Zhao’s company assisted in business dealings that benefit World Liberty Financial, the crypto venture run by Trump’s sons, Eric and Donald Jr.
White House Press Secretary Karoline Leavitt said at a Nov. 4 briefing that the president meant “he does not have a personal relationship with” Zhao. Leavitt also claimed that the judge who heard the case said the sentencing sought by the Biden administration was “egregious and went too far. And so the president is correcting that wrong.”
Prosecutors in the case had sought a three-year sentence for Zhao, while the defense asked for probation with no jail time. The judge agreed that Zhao’s action didn’t warrant a three-year term, but sentenced him to four months in prison. Trump’s pardon did not change the prison sentence, which ended in September 2024.
Experts have concerns about Trump’s pardon of Zhao and the appearance of a conflict of interest on the president’s part.
Here, we’ll look at the basis of the Zhao case, Trump’s claims about the Biden administration’s prosecution of Zhao, and concerns about Trump’s pardon.

