Trump Denies Knowing Binance Founder Despite Previous Pardon
Former President Donald Trump recently claimed he does not know Changpeng Zhao, the founder of cryptocurrency exchange Binance. This statement came despite Trump pardoning Zhao just ten days prior, following Zhao’s guilty plea for money laundering in 2023.
Details of the Pardon
Zhao, known as “CZ,” received a pardon after serving four months in prison and settling with the Justice Department for $4.3 billion. His legal troubles stemmed from accusations that Binance allowed funds to be misused, significantly impacting U.S. national security.
Trump’s Interview Insights
During an interview with Norah O’Donnell on CBS’s 60 Minutes, Trump was questioned about the pardon and its implications. He dismissed any connection to Zhao’s activities, suggesting that the case was a “Biden witch hunt.” O’Donnell challenged him regarding the optics of the pardon, particularly because Binance had facilitated a substantial investment in World Liberty Financial, a company linked to Trump’s family.
Connections to Trump Family Ventures
Members of the Trump family own over half of World Liberty Financial, which recently saw its stablecoin’s value rise dramatically thanks to Binance’s involvement. In spring 2023, the company’s shares surged from $127 million to beyond $2.1 billion.
- World Liberty’s Stablecoin: The currency is designed to maintain a one-to-one value with the U.S. dollar.
- Investment Impact: An Emirati fund invested $2 billion into Zhao’s company using World Liberty’s stablecoin.
Responses to the Pardon
The decision to pardon Zhao has drawn criticism from various quarters. Democratic Senator Elizabeth Warren condemned the pardon, arguing that it represents a troubling precedent of corruption. Representative Jerry Nadler echoed similar sentiments, stating that Trump is misusing his presidential power for personal gain.
Even some Trump supporters expressed concern over the optics of the pardon. Joe Lonsdale, a prominent supporter, criticized Trump for potentially fostering an environment of fraud within his administration.
As the political discourse continues, the ramifications of the pardon and its connection to Trump’s business endeavors will likely become a focal point in upcoming discussions regarding ethics in governance.
