Dubai, November 8, 2025
In his first public interview since receiving a controversial presidential pardon from Donald Trump, Binance co-founder Changpeng "CZ" Zhao expressed a mix of gratitude and bewilderment, calling the clemency "a little bit surprising" while vowing to channel his renewed freedom into advancing cryptocurrency innovation. Speaking to Fox News' Bret Baier on Friday, Zhao—once the world's richest crypto billionaire—firmly rejected swirling rumors of backroom deals with the Trump family, insisting the gesture was an unexpected olive branch in America's ongoing regulatory war on digital assets.
The 48-year-old Canadian entrepreneur, who stepped down as Binance's CEO in 2023 after pleading guilty to U.S. anti-money laundering violations, served just four months of a four-month sentence before his early release in September 2024. Trump's October 23 pardon—framed by the White House as correcting a "Biden-era witch hunt"—drew immediate scrutiny, especially amid reports of Binance's $2 billion investment in World Liberty Financial (WLFI), a crypto venture backed by Trump's sons Eric and Donald Jr. Zhao, now based in Dubai and advising on Binance's global operations, used the platform to set the record straight.
### 'Unexpected' Mercy: No Strings Attached
"I was a little bit surprised by the pardon," Zhao told Baier, his voice steady but eyes reflecting a flicker of disbelief. "We submitted the petition back in April, but I had no idea about the timing. I'm super grateful—it's closed that chapter." He emphasized his voluntary return to the U.S. in 2023 to face charges head-on, acknowledging the violations without deflection: "It was the best way to address the issues. Now, I'm ready to move forward."
The interview quickly pivoted to speculation fueled by a Wall Street Journal report alleging CZ's team lobbied Trump allies for clemency in exchange for WLFI support. Zhao dismissed it outright: "Categorically false. There are no business ties with the Trump family—zero." He clarified a single encounter with Eric Trump at a 2024 Bitcoin conference in Abu Dhabi as purely coincidental, with no discussions of deals. "We've never met or talked business," Zhao added, echoing Trump's own cryptic denial days earlier.
That denial came during Trump's November 2 "60 Minutes" sit-down, where correspondent Bill Whitaker pressed: "Changpeng Zhao pled guilty in 2023 to violating anti-money laundering laws. Why did you pardon him?" Trump's response was blunt: "Okay, are you ready? I don’t know who he is." The exchange, which CBS briefly edited out before restoring amid backlash, amplified perceptions of opacity in the Trump administration's crypto pivot— a stark contrast to the Biden DOJ's aggressive crackdowns that netted Binance a $4.3 billion fine.
### Eyes on Innovation: 'Make America the Crypto Capital'
With legal clouds lifted, Zhao's focus sharpened on the future. "I'm all-in on making the U.S. the crypto capital of the world," he declared, praising Trump's pro-innovation stance and the passage of the FIT21 Act, which aims to clarify SEC-CFTC oversight. Bitcoin, he predicted, will soar as a hedge against fiat instability, with Binance poised to expand compliant U.S. offerings like its licensed exchange.
Yet, regulatory scrutiny lingers. Critics, including Senate Democrats, have called for probes into the pardon, citing potential conflicts with WLFI's stablecoin launch—ironically timed just weeks before the clemency. Zhao waved off the noise: "Clear rules will bring innovation, not persecution. The U.S. now leads in clarity—let's build on that."
### Broader Ripples: A Win for Crypto, or Ethical Quagmire?
The pardon has electrified the $2 trillion crypto sector, with Bitcoin rebounding 5% post-announcement amid Trump's vows to stockpile it as a national reserve. Industry leaders like MicroStrategy's Michael Saylor hailed it as a "redemption arc," while skeptics warn of eroded trust in enforcement.
For Zhao, personally, it's a phoenix moment. "This isn't about me—it's about the ecosystem thriving," he concluded, his post-prison poise underscoring a man eager to reclaim his visionary role. As Trump distances himself—"No idea who he is"—the irony lingers: two icons of disruption, worlds apart yet bound by a single, enigmatic signature.
This report draws from Zhao's Fox News interview, Trump's CBS remarks, and public statements from Binance and the White House. For regulatory updates, visit sec.gov/crypto.
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