President Donald Trump has pardoned Changpeng “CZ” Zhao, the convicted founder of the world’s largest cryptocurrency exchange, Binance.
The pardon, which was formally issued on October 21st according to the US Department of Justice, forgives Zhao for a money-laundering-related charge to which he pleaded guilty in 2023. He served a four-month prison sentence under the Biden administration.
In an exclusive interview with Fox News’ “Special Report,” Zhao said he was “a little bit surprised” by President Trump’s decision.
“We have never met,” Zhao told anchor Bret Baier. “We have never talked.”
The pardon has been touted by the White House as a move that “officially end[ed] the Biden administration’s war on the cryptocurrency industry,” according to press secretary Karoline Leavitt.
The Wall Street Journal had reported that the pardon was connected to an alleged “deal” between Binance and a Trump family cryptocurrency project, World Liberty Financial.
“That’s completely not accurate,” Zhao stated, addressing the report directly. “There’s no deal, there has never been any discussions. It’s as simple as that.”
He did confirm, however, that he met Eric Trump, an American Bitcoin co-founder, on a single occasion at a conference in Abu Dhabi. Zhao called the broader reporting of business relationships with Trump’s sons “categorically false.”
Zhao pleaded guilty to failing to maintain an effective anti-money-laundering program, a violation of the Bank Secrecy Act.
“I think it’s the best way to confront the problem and solve it head-on,” he said of his decision to plead guilty, later adding, “I do not have anything to debate on the charges.”
When asked about the current state of cryptocurrency regulation, Zhao pointed to President Trump’s GENIUS Act, which defines federal rules for the industry.
“The more clarity we have in the industry, the better,” Zhao argued. “I think in the last administration, even when I was charged and even when I pleaded guilty, there wasn’t any clear regulatory frameworks for crypto in the U.S., so I think now it’s getting much clearer, and U.S. is definitely leading.”
In response to Zhao’s denials, The Wall Street Journal told Fox News, “We stand by our reporting.”
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