Trump Denies Ties to Binance’s CZ, Calls Case a ‘Witch-Hunt’
- Trump denies knowing Binance’s CZ, calling his prosecution a politically driven attack.
- He defends the pardon as fair justice, rejecting claims of personal or financial ties.
- Lawmakers seek a probe into Binance links amid rising scrutiny of crypto’s influence.
In a 60 Minutes interview, Donald Trump denied any personal connection to Binance founder Changpeng “CZ” Zhao. When interviewer Norah O’Donnell asked about his decision to pardon the crypto billionaire earlier this year, Trump said, “I don’t know who he is.” He described Zhao’s prosecution as politically motivated and part of what he called a “Biden witch-hunt” against business leaders.
Trump said his action was meant to correct what he saw as a biased prosecution. Zhao had pleaded guilty in 2023 to violating anti-money-laundering laws. The president stated he was unaware of Zhao’s background and made the decision based on reports that the case was politically motivated. “He got four months or something like that,” Trump said. “It was a Biden witch-hunt.”
The remarks followed months of speculation about the pardon. Reports had suggested behind-the-scenes lobbying from figures in the crypto industry before Trump returned to office. The pardon, confirmed earlier this year, immediately drew scrutiny from lawmakers and regulators across Washington.
Trump Denies Knowledge of Binance Deal
Norah O’Donnell asked about Binance’s $2 billion purchase of his family company’s stablecoin. Trump said he knew nothing about it. He stressed he was too busy with other matters and had no involvement in the deal. “They’re running a business, they’re not in government,” he said, referring to his sons, who manage the Trump Organization’s digital asset ventures.
The deal has fueled ongoing ethical questions about the overlap between Trump’s private business and his public role. Critics claim the transaction raises conflicts of interest, given the expanding activities of World Liberty Financial, a crypto firm linked to the Trump family.
Trump described Zhao as a respected entrepreneur who had been unfairly targeted. He said the pardon was consistent with his broader support for the U.S. crypto industry. “I want to make crypto great for America,” Trump said. “That’s the only thing.” He compared the United States’ lead in crypto to its dominance in artificial intelligence, saying he intended to maintain both.
The 60 Minutes interview, filmed at Trump’s Mar-a-Lago residence, also covered national topics such as the government shutdown, immigration enforcement, and trade relations after his recent visit to Asia.
It was his first appearance on the program since a settlement with CBS’s Paramount, over a 2024 election special that featured then–Vice President Kamala Harris. Trump reportedly received $16 million in that settlement.
Related: Trump Family Made $1B Through Expanding Crypto Ventures
Trump’s CZ Pardon Sparks Democratic Inquiry and Intensifies Crypto Regulation Debate
Democrats have sharply criticized the pardon, calling it a threat to financial integrity. Senators Elizabeth Warren and Adam Schiff have introduced a resolution calling for a congressional inquiry into any connections between Binance and the Trump administration. They also proposed new ethics rules that would bar senior officials and members of Congress from owning or trading digital assets.
Binance and World Liberty Financial have not commented publicly on the matter. The issue highlights a growing tension between political influence and crypto regulation. Observers note that Trump’s remarks could shape future policy discussions about how digital assets are handled under federal law.
Following the broadcast, market reactions were immediate. Binance’s native token saw a brief rise, while analysts debated whether Trump’s statements would boost crypto investor confidence or invite tougher oversight. The Securities and Exchange Commission declined to comment on any ongoing investigations.
Trump’s interview reflected his strong alignment with the cryptocurrency sector. He positioned his defense of CZ Zhao as a stand against political bias rather than personal loyalty. In his view, advocating for crypto symbolizes promoting American innovation and opposing government interference.
