The White House meticulously reviewed Binance founder Changpeng Zhao’s pardon, adhering to standard procedures before submitting it for President Donald Trump’s final approval, according to White House press secretary Karoline Leavitt.
In an interview with CBS News’ 60 Minutes aired on Sunday, Trump addressed the pardon, stating he had no personal knowledge of Zhao and characterizing criticism of the decision as politically motivated. Leavitt clarified during a briefing on Tuesday that Trump’s remarks were intended to emphasize his lack of personal acquaintance with Zhao, asserting that the president does not maintain a personal relationship with the individual.
She further stated that the pardon request was handled with the utmost seriousness and underwent a comprehensive review by both the Department of Justice and the White House Counsel’s office. Leavitt explained that a dedicated team of qualified lawyers evaluates every pardon request that reaches the President of the United States, who ultimately holds the decision-making authority.
This statement follows reports suggesting that Binance and Zhao were involved with the Trump family’s crypto venture, World Liberty Financial, assisting in the development of its stablecoin and its use in a $2 billion investment deal. Binance CEO Richard Teng has since denied these claims.
White House Claims Trump is Correcting an Overreach
Leavitt asserted that Zhao was subjected to an over-prosecution by what she described as a "weaponized DOJ," leading the Biden administration to pursue an excessive penalty. Zhao had pleaded guilty in November 2023 to failing to implement an effective Anti-Money Laundering program at Binance, a violation of the US Bank Secrecy Act.
While US prosecutors initially recommended a three-year jail term, the presiding judge deemed this request too harsh and instead imposed a four-month prison sentence, which Zhao began serving in April 2024. Leavitt characterized the president's action as correcting an injustice and signaling an end to the Biden administration's perceived "war on the cryptocurrency industry."
Zhao's lawyer, Teresa Goody Guillén, along with other supporters, had argued that the sentence was severe given it was for a single charge of failing to maintain an effective compliance program, and that Zhao was a first-time offender with no prior history of violence.
60 Minutes Interview Excluded Crypto Question
A portion of Trump's 60 Minutes interview, which was omitted from the broadcast, featured CBS's Norah O’Donnell questioning the president about concerns regarding the "appearance of corruption" surrounding Zhao's pardon. According to a transcript of the interview, Trump responded that he was not concerned and preferred not to address the question.
He further commented on the United States' leading position in the global cryptocurrency market, attributing it to his presidency and expressing a desire to prevent other nations, such as China, from overtaking this position, given the industry's significant economic scale.
CBS's YouTube presentation of the interview with Trump included a note stating it was "condensed for clarity." Prior to the omitted question, Trump mentioned that his sons were more involved in cryptocurrency than he was and that his own understanding was limited, beyond recognizing it as a substantial industry.