TLDR
- Trump stated in a CBS News 60 Minutes interview that he does not know Binance co-founder Changpeng Zhao.
- The president defended his pardon of CZ and claimed the case was a Biden witch hunt.
- Trump dismissed reports linking a $2 billion Binance stablecoin deal to his family’s World Liberty Financial venture.
- The president said his sons independently manage their cryptocurrency business operations, separate from the government.
- Trump emphasized his goal to make crypto great for America and maintain its lead over China.
President Donald Trump defended his pardon of Binance co-founder Changpeng Zhao in a recent interview. Trump stated he does not personally know the cryptocurrency executive and rejected claims of political motivation. The president dismissed suggestions that the pardon involved conflicts of interest related to his family’s business ventures.
Trump Denies Knowledge of CZ
Trump addressed the controversial pardon during a CBS News 60 Minutes interview on Sunday. The president insisted he does not know who Zhao is despite granting him clemency in late October. He claimed that Zhao’s case represented a “Biden witch hunt” against the cryptocurrency industry.
CBS anchor Norah O’Donnell questioned Trump about reports linking Binance to his family’s business interests. Binance allegedly facilitated a $2 billion stablecoin purchase linked to Trump-backed World Liberty Financial prior to the pardon. Trump responded by saying he remains too busy with presidential duties to know details about the transaction.
The president explained that his sons manage the family’s cryptocurrency ventures independently.
“My sons are into it, and I’m glad they are because it’s probably a great industry,” Trump said.
He added that his children run their business operations separately from government activities.
Presidential Focus on Crypto Industry Growth
Trump emphasized his commitment to strengthening America’s position in the cryptocurrency sector. The president stated he wants to “make crypto great for America” and boost the industry’s competitiveness. He highlighted that the United States currently leads China and other nations in cryptocurrency development.
Trump warned that aggressive enforcement actions could damage the growing industry.
“If you go after people, you’re going to kill that industry, and that would be very bad,” the president stated.
He described the crypto sector as a massive industry deserving protection and support from his administration.
The president characterized Zhao as a victim of government weaponization under the previous administration. Trump referred to what he called a “corrupt government” during the Biden era when discussing the case. Zhao pleaded guilty to money laundering charges in 2023 before receiving the presidential pardon.
China’s Increasing Crypto Involvement
Trump noted that China has begun substantially entering the cryptocurrency space. The president expressed pride that America maintains its technological advantage in the sector despite international competition. He emphasized the importance of keeping this leadership position for the nation’s interests.
The president concluded his remarks by reaffirming his administration’s supportive stance toward the development of cryptocurrency. Trump maintained that protecting industry participants from excessive prosecution remains essential for continued growth. His comments came amid ongoing scrutiny of the relationship between his family’s business interests and the decision to grant him a pardon.
