President Donald Trump denied knowing Binance founder Changpeng Zhao (CZ) in a recent interview. This statement follows the controversial presidential pardon Trump granted CZ in October 2025 for money laundering. The pardon has sparked controversy due to a potential $2 billion Binance-Trump deal with a firm linked to his family. The source of Trump’s denial was an interview with “60 Minutes”.
During the interview at Mar-a-Lago, Trump defended the pardon. He called CZ’s prosecution a “Biden witch hunt.” “I don’t know who he is,” Trump stated, despite erasing the federal conviction. CZ served a four-month sentence and paid a $50 million fine in 2023. This was due to failures in Binance’s anti-money laundering controls. Binance paid a record $4.3 billion penalty. The pardon restores CZ’s civil rights, but he still faces regulatory restrictions.
The context of the pardon is what is drawing the most scrutiny. The controversy centers on the pardon’s timing relative to a financial alliance. Earlier this year, Binance supported a $2 billion agreement with World Liberty Financial. This Trump-linked firm launched the USD1 stablecoin. This launch attracted major Emirati investment weeks before the pardon. Critics argue this undermines accountability in the digital asset sector.
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Legislative scrutiny was immediate. Seven Senate Democrats, led by Elizabeth Warren and Bernie Sanders, are demanding a federal investigation. They allege a possible abuse of executive power. Warren’s Senate Resolution 466 condemns the decision. She described it as “a threat to financial integrity and public trust.” However, Senate Republicans blocked the resolution. CZ’s legal team has threatened to sue Warren for defamation.
The debate over influence in cryptocurrencies is intensifying. Ray Youssef, CEO of NoOnes, claimed Binance has become “an instrument of US power.” Youssef alleged that CZ “has aligned himself with Uncle Sam — and the Trump family.” He maintains that U.S. regulators now control the exchange. Meanwhile, congressional committees are preparing subpoenas. The investigation will focus on the pardon and the $2 billion Binance-Trump deal.
