Trump Tells CBS News He ‘Doesn’t Know’ Who CZ Is, Claims Former Binance CEO Was a Victim
Former President Donald Trump defended his October pardon of Binance founder Changpeng “CZ” Zhao in an interview with CBS News, saying he “doesn’t know” Zhao personally. Trump claimed the decision was driven by economic strategy, arguing that granting clemency was necessary to keep the United States competitive in the rapidly growing digital asset industry.
His comments have reignited debate over the pardon, with critics raising questions about potential conflicts of interest and the message it sends on crypto regulation. The move has drawn sharp scrutiny from lawmakers and watchdog groups, who argue it may signal favoritism toward major industry figures. Trump’s team, however, maintains the decision aligns with his broader plan to strengthen U.S. leadership in financial innovation and blockchain technology.
Timeline and what Trump said
Oct. 23, 2025
The White House announced a full pardon for Zhao, who in 2023 pleaded guilty to failing to maintain an effective anti-money-laundering program; he paid $50m and served roughly four months. Binance paid $4.3bn.
Nov. 2–3, 2025 (CBS interview)
Trump told Norah O’Donnell he didn’t know Zhao, called him a government “victim,” and said the move would help keep the U.S. “number one in crypto.”
Reactions and criticism
Sen. Elizabeth Warren labeled the pardon an example of “pay for play,” citing Zhao’s financial links to Trump-aligned crypto ventures. Zhao’s attorney has demanded Warren retract statements he considers defamatory. banking.senate.gov+1
Policy framing and industry implications
The White House framed the pardon as a reversal of what it called the Biden administration’s “war on cryptocurrency,” signaling a friendlier posture toward the sector. Markets and policy watchers are weighing whether the decision could ease Binance’s U.S. expansion and accelerate broader crypto policy initiatives.
What the case involved
Zhao’s 2023 plea centered on Binance’s AML/Bank Secrecy Act compliance failures; U.S. authorities cited unreported transactions tied to sanctioned or illicit actors. The pardon wipes the federal conviction, though regulatory scrutiny of exchanges continues.
Parsing the Trump CZ pardon controversy
Trump’s claim he does not know Zhao sits alongside the political and policy rationale he offered for the pardon. Supporters call it pro-innovation; opponents see conflicts given reported ties between Zhao/crypto platforms and Trump-family ventures.
What CBS aired about the Trump CZ pardon controversy
In the CBS exchange, Trump described Zhao as having been “treated really badly” and a “victim of weaponization,” while insisting his focus was keeping America “number one in crypto.”
Context & Analysis
The pardon underscores the administration’s alignment with crypto industry growth, while intensifying ethics debates. Even if the legal effect is clear wiping a federal conviction the political narrative hinges on whether financial ties created at least an appearance of favoritism. Congressional oversight activity and any defamation action by Zhao could define the next phase.
Conclusion
Trump’s recent CBS remarks, combined with his October pardon of Binance founder Changpeng “CZ” Zhao, have kept both CZ and Binance firmly in the spotlight of U.S. crypto politics. The controversy underscores the growing tension between political influence and regulatory enforcement in the digital asset space.
Lawmakers and watchdogs are expected to intensify scrutiny, with potential legal disputes over public statements and the broader implications of the pardon. As regulators and Congress prepare the next phase of crypto policy, the episode highlights how high-profile figures and political decisions continue to shape the direction of America’s digital finance agenda.
FAQs
Q : What did Trump say about CZ in the CBS interview?
A : He said he doesn’t know Zhao and argued the pardon supports U.S. crypto leadership.
Q : When was CZ pardoned?
A : Oct. 23, 2025, per the White House announcement and wire reports.
Q : Why is the pardon controversial?
A : Critics cite Zhao’s links to Trump-aligned ventures and potential conflicts of interest.
Q : What were CZ’s original charges and penalties?
A : He pleaded guilty to BSA/AML violations in 2023, paid $50m, and served four months; Binance paid $4.3bn.
Q : Did Zhao or his lawyer respond to Warren’s comments?
A : Yes; his attorney demanded a retraction and suggested possible legal action.
Q : How does this affect Binance in the U.S.?
A : The pardon removes the conviction but does not end regulatory scrutiny; implications depend on future oversight.
Q : Does the article’s primary keyword appear in legal documents?
A : No; “Trump CZ pardon controversy” is a descriptive term for SEO clarity, not a legal label.
Facts
Event
Trump defends CZ pardon in CBS interview; says he doesn’t know CZDate/Time
2025-11-03T13:26:00+05:00Entities
Donald J. Trump (U.S. President); Changpeng “CZ” Zhao (Binance founder); White House (Press Secretary Karoline Leavitt); Sen. Elizabeth Warren (D-MA)Figures
$50m (Zhao fine); $4.3bn (Binance penalty); 2023 plea; 4-month sentence served in 2024Quotes
“I don’t know the man at all… I was told that he was a victim.” — Trump, CBS interview (per reporting) CoinDeskSources
Reuters (pardon notice) + CBS transcript + CoinDesk (interview coverage) + Warren statement link (see below)