Asked by 60 Minutes correspondent Norah O’Donnell why he pardoned Binance founder Changpeng “CZ” Zhao, President Donald Trump said he did not know Zhao personally and had heard the case was a “Biden witch hunt.” Trump offered that as his account of the reasoning he had heard; it does not change the reported case outcome: Zhao pleaded guilty to a Bank Secrecy Act anti-money-laundering offense and was sentenced to four months in prison.
What Trump said about pardoning Zhao
In an interview aired before Ars Technica’s Nov. 3, 2025 report, O’Donnell asked Trump why he pardoned Zhao. She cited the government’s claim that Binance had caused “significant harm to US national security” by allowing terrorist groups, including Hamas, to move millions of dollars.
Trump replied: “Okay, are you ready? I don’t know who he is. I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt.”
Asked whether he had met Zhao, Trump said: “I don’t know the man at all. I don’t think I ever met him. 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.” His remarks distinguish his stated lack of personal familiarity from the rationale he said he had heard from others.
Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsWhat the reported case outcome was
Ars Technica reported that Zhao pleaded guilty to failing to maintain an adequate anti-money-laundering program required by the Bank Secrecy Act. The report says he was sentenced to four months in prison in April 2024, after prosecutors had sought a three-year sentence, and was released in September 2024. It dates Trump’s pardon to Oct. 21, 2025.
Trump later said at a press conference that Zhao had been recommended by “a lot of very good people” and that people told him Zhao “wasn’t guilty of anything.” Those are Trump’s assertions. They do not alter the reported guilty plea and sentence. The underlying court record and pardon instrument are not independently examined here, so these legal details are attributed to Ars Technica’s account.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why Binance’s reported Trump-business ties drew scrutiny
O’Donnell also raised reported dealings involving Binance and the Trump family’s crypto business. Ars Technica reported that the Trump family had held talks with Binance about taking a financial stake in its U.S. arm months before the pardon. The report described those talks as reported discussions, not a completed investment.
The same article, citing the Wall Street Journal, said Binance facilitated a reported $2 billion purchase of USD1, the stablecoin offered by Trump-backed World Liberty Financial, and built the technology behind USD1. Trump told O’Donnell that his sons were involved in crypto “much more than I” was, said he knew little about crypto, and said he supported the industry because the United States should lead it. When asked about the appearance of a pay-to-play arrangement, he said he knew nothing about the transaction and repeated that he had heard Zhao was a victim of government weaponization.
The timing and reported business connections explain why the pardon prompted questions. The reporting described scrutiny and apparent conflicts, but does not establish that Zhao’s pardon was exchanged for a benefit. Binance’s U.S. market plans were described in the Nov. 3, 2025 article as possibilities under consideration; that account alone does not establish what happened later.
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