Binance co-founder Changpeng Zhao, widely known as CZ, expressed surprise at receiving a pardon from United States President Donald Trump and has denied any business relationship with the Trump family. In a recent interview, CZ stated that he never met or spoke with Trump before or after receiving the presidential pardon in October. He clarified that his only encounter with a member of the Trump family was a single meeting with Eric Trump at the Bitcoin Middle East and North Africa conference held in Abu Dhabi, United Arab Emirates.
"There is no business relationship between me, Binance, and World Liberty Finance," CZ stated. He further elaborated on his lack of knowledge regarding the pardon's status during the application process. “I did not know when or if it was going to happen. I believe my lawyers submitted the petition in April, and it took a few months. I didn’t know the progress. There was no indication of how far it went along, etc. Then, it happened one day.”
The presidential pardon generated a divided response. The cryptocurrency community largely celebrated the decision, viewing it as a positive development for the industry and a reversal of the previous administration's perceived anti-crypto policies. Conversely, Democratic lawmakers voiced criticism, accusing Trump of political corruption in connection with the pardon.
Pardon Sparks Controversy and Accusations of Pay-to-Play Mechanics
Following the announcement of the pardon, President Trump stated that he did not personally know CZ but had been advised that the case against him was politically motivated. Trump remarked, “He had a lot of support, and they said that what he did is not even a crime, it wasn’t a crime. He was persecuted by the Biden administration.”
These statements led to accusations from Democratic Rep. Maxine Waters, who alleged that Trump had entered into a “pay-to-play” agreement. Waters suggested that CZ was pardoned in exchange for cryptocurrency investments into projects and platforms associated with the Trump family, specifically mentioning World Liberty Financial (WLFI).
In response to these allegations, several Democratic lawmakers, including Senators Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont, authored an open letter to attorney general Pam Bondi. The letter sought to scrutinize the circumstances surrounding Trump's pardon of CZ.