APPLETON, Wis. — Changpeng "CZ" Zhao, the founder of the world's largest cryptocurrency exchange Binance, has publicly denied any personal or business ties to President Donald Trump or his family following Trump's pardon of him last month.
In an exclusive interview on Fox News' "Special Report" with anchor Bret Baier, Zhao expressed surprise at the pardon, which came on Oct. 21, according to the Department of Justice. "We have never met," Zhao said of Trump. "We have never talked."
Zhao, who pleaded guilty in 2023 to a charge related to money laundering under the Bank Secrecy Act, served a four-month prison sentence during the Biden administration. The charge stemmed from Binance's failure to implement an effective anti-money-laundering program. White House press secretary Karoline Leavitt described the pardon as officially ending what she called the Biden administration's "war on the cryptocurrency industry."
Trump himself addressed the matter in a recent "60 Minutes" interview, stating that he does not know Zhao. The pardon has drawn scrutiny amid reports linking it to alleged business dealings between Binance and the Trump family's cryptocurrency venture, World Liberty Financial.
The Wall Street Journal reported that Zhao's pardon was tied to a "deal" involving Binance and the Trumps' project. However, Zhao categorically rejected this in his interview. "That’s completely not accurate," he told Baier. "There’s no deal, there has never been any discussions. It's as simple as that."
Zhao did acknowledge a single encounter with Eric Trump, the president's son and co-founder of American Bitcoin Corp., at the Bitcoin MENA conference in Abu Dhabi. But he emphasized that this was not indicative of any ongoing relationship. "Zhao called the WSJ’s reporting 'categorically false,' denying any business relationships with Trump’s sons," according to the Fox News account.
In response to Zhao's denials, The Wall Street Journal told "Special Report" that it stands by its reporting. Both Fox News and The Wall Street Journal are owned by News Corp., but the outlets presented differing perspectives on the alleged connections.
Providing context for his guilty plea, Zhao explained his decision during the interview. "I think it’s the best way to confront the problem and solve it head-on," he said. He later added, "I do not have anything to debate on the charges." Zhao stepped down as CEO of Binance as part of the plea deal in 2023, and the company agreed to pay a $4.3 billion fine to resolve related investigations by U.S. authorities.
Binance, founded by Zhao in 2017, grew rapidly to become the dominant player in the global crypto market, handling trillions in trading volume. The platform faced regulatory challenges worldwide, including in the U.S., where officials accused it of facilitating illicit activities due to lax compliance measures. Zhao, a Canadian citizen born in China, has been a prominent figure in the crypto space, often advocating for clearer regulations.
Trump's pardon aligns with his administration's broader push to position the United States as a leader in cryptocurrency. On July 18, 2025, Trump signed the GENIUS Act into law during a ceremony in the East Room of the White House. The legislation aims to provide federal regulations for digital assets, which Zhao praised in his interview.
"The more clarity we have in the industry, the better," Zhao argued. "I think in the last administration, even when I was charged and even when I pleaded guilty, there wasn't any clear regulatory frameworks for crypto in the U.S., so I think now it's getting much clearer, and U.S. is definitely leading."
This shift comes after years of tension between the crypto industry and regulators under the previous administration. Trump's crypto chief has described the current era as the "golden age" for digital assets, emphasizing efforts to remove barriers imposed during the Biden years. Eric Trump, in his role at American Bitcoin Corp., has been vocal about expanding U.S. influence in blockchain technology, as seen in a September 17, 2025, Bloomberg Television interview in New York.
The pardon and Zhao's denials have sparked debate about potential conflicts of interest in Trump's crypto policies. While Zhao insists there are no ties, the Wall Street Journal's reporting suggests otherwise, attributing the pardon to behind-the-scenes arrangements. Neither the White House nor the Trump family has provided detailed comments beyond Trump's "60 Minutes" statement.
Looking ahead, Zhao's future in the industry remains uncertain, though he expressed optimism about the regulatory landscape under Trump. The GENIUS Act, formally known as the Generating Economic National Innovation and Upliftment in Securities Act, sets guidelines for crypto exchanges, stablecoins, and decentralized finance, potentially benefiting companies like Binance as they seek to operate more freely in the U.S.
Broadly, the episode highlights the evolving intersection of politics and cryptocurrency in America. With Trump vowing to make the U.S. the "crypto capital of the planet," pardons like Zhao's could signal a new era of leniency toward industry figures previously targeted for compliance failures. As debates continue, stakeholders from both sides of the political spectrum are watching how these developments unfold, potentially reshaping global digital asset markets.