Binance founder and billionaire Changpeng “CZ” Zhao has broken his silence after receiving a highly controversial presidential pardon from Donald Trump. In his first public interview, Zhao told Fox News he was “a little bit surprised” by the clemency and flatly denied explosive allegations that his pardon was connected to any business dealings with the Trump family.
The pardon, which was signed on October 23, 2025, has become a bit of a political Outrage, dousing water over one most pisturesque characters in cryptocurrency.Zhao is now on a mission to repair his reputation and, as he put it, “help America become the capital of crypto.”
A Four-Month Sentence Wiped Clean
Zhao’s legal troubles climaxed in 2024 when he pleaded guilty to one of the most significant charges in the financial world: failing to maintain an effective anti-money-laundering (AML) program at his massive crypto exchange, Binance. This violation of the Bank Secrecy Act allowed illicit actors to move funds, prompting a massive U.S. government crackdown.
As part of a plea deal, Zhao stepped down as CEO of the company he built and served a four-month federal prison sentence. The presidential pardon, however, erases this felony conviction, a move that is crucial for any billionaire businessman hoping to operate, especially in the highly regulated U.S. financial market.
‘A Little Bit Surprised’
Speaking to Fox News host Bret Baier on Friday, Zhao portrayed the pardon as an unexpected, but welcome, event. “You never know if it’s going to happen, or when it’s going to happen, so I was a little bit surprised,” Zhao said.
He expressed gratitude for the president’s decision, stating he was “super grateful.” Despite the controversy, Zhao made it clear he intends to be a major player in the American crypto scene. “I want to help America become the capital of crypto,” he added, signaling his ambition to move past the scandal.
The ‘Quid Pro Quo’ Allegations
The pardon immediately drew intense scrutiny due to reporting from The Wall Street Journal and other outlets. Reports alleged that Zhao’s lobbyists had been working tirelessly to secure clemency. More critically, they pointed to potential discussions of “a deal” between Binance and World Liberty Financial, a cryptocurrency venture linked to the Trump family.
The suggestion was that this potential business relationship, which could be immensely profitable for both sides, was used as “leverage” to secure the pardon. As a result, critics and Democratic lawmakers are crying foul, suggesting a “scheme” of “pay for play.”
‘Categorically False’: Zhao’s Firm Denial
When pressed on these allegations, Zhao was unequivocal. “That’s completely not accurate,” he told Baier, forcefully denying any connection. “There’s no deal. There’s no – there has never been any discussions.”
Zhao insisted that the reporting, which has fueled speculation for weeks, was baseless. “There’s no business relationships between me, Binance and World Liberty Financial,” he continued, labeling the Wall Street Journal’s reporting “categorically false.” He also noted that he has never personally met or spoken with President Trump.
The Journal Stands By Its Story
Despite Zhao’s public denial, the controversy is far from over. During the broadcast, Baier noted that Fox News had reached out to The Wall Street Journal for comment on Zhao’s claims. In response, the newspaper stated that it stands by its reporting, setting the stage for a protracted battle over the facts.
For now, Zhao is a free man with his conviction erased, while President Trump has also publicly distanced himself from the decision, claiming in a recent “60 Minutes” interview that he didn’t know who Zhao was but had been told the case was a “Biden witch hunt.”
