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Trump Tells CBS News He 'Doesn't Know' Who CZ Is, Claims Former Binance CEO Was a Victim
The founder of Binance was "treated really badly" by the Biden administration, President Trump said during an interview.
Updated Nov 3, 2025, 8:26 a.m. Published Nov 3, 2025, 6:25 a.m.
What to know:
- President Trump stated he does not know Binance founder Changpeng 'CZ' Zhao, despite granting him a pardon.
- Trump defended the pardon as necessary to keep the U.S. competitive in cryptocurrency, dismissing conflict of interest concerns.
- Critics, including Senator Elizabeth Warren, argue the pardon exemplifies "pay for play" due to Zhao's financial ties to Trump-affiliated ventures.
President Trump reiterated his claim that he doesn't know who Binance founder Changpeng 'CZ' Zhao is during an interview with CBS News.
Trump granted Zhao a presidential pardon in October, nearly a year after the Binance founder pleaded guilty to violating the Bank Secrecy Act and serving a four-month prison sentence.
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Trump told CBS’s Norah O’Donnell that Zhao “was treated really badly by the Biden administration,” describing the former Binance CEO as a “victim of weaponization by government.” The president added that he had been told Zhao “was set up,” and that his pardon was intended to ensure the U.S. remained competitive in the cryptocurrency sector.
“I don’t know the man at all. I don’t think I ever met him,” Trump said during the interview with CBS. “Maybe I did. Or, you know, somebody shook my hand or something. But I don’t think I ever met him. I have no idea who he is. I was told that he was a victim, just like I was and just like many other people.”
During the CBS interview, Trump dismissed questions about conflicts of interest, emphasizing his focus on keeping the U.S. “number one in crypto” and insisting his sons’ business ventures were separate from government.
“My sons are into it. I’m glad they are,” he said. “They’re running a business, they’re not in government.”
Critics, including Senator Elizabeth Warren, have called the pardon a clear example of “pay for play,” noting Zhao’s financial ties to Trump-affiliated ventures.
A lawyer representing Zhao told the New York Post that he considers Warren's statements defamatory.
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CFTC's acting chief Pham poised to go to crypto firm MoonPay once Mike Selig lands
The leader of the derivatives regulator is planning to join the crypto industry as the CFTC and other federal regulators work on policies to benefit the sector.
What to know:
- Commodity Futures Trading Commission Acting Chairman Caroline Pham confirmed again that she's heading to crypto firm MoonPay when the Senate confirms her replacement and he's sworn in.
- President Donald Trump's CFTC chair nominee Mike Selig was set for a Senate vote Wednesday evening, according to that chamber's schedule.
- Selig, currently an SEC official, would arrive at the CFTC just as several of Pham's crypto initiatives have gone live.
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