The former CEO and founder of Binance, Changpeng Zhao (CZ), has denied the rumors that he requested a pardon from President Donald Trump. The news, spread by the Wall Street Journal (WSJ), was described by Zhao as an orchestrated attack against the President and the cryptocurrency industry.
Summary
The accusations and the response of CZ Zhao
According to WSJ, Zhao allegedly sought to obtain the presidential pardon after being sentenced to four months of detention for failing to implement an effective anti-money laundering program. In response, CZ stated on X:
“Sorry to disappoint. The WSJ article reports incorrect information.”
Furthermore, he added that no criminal would refuse a pardon, emphasizing that he is the only one in the history of the United States to have been imprisoned for a single charge related to the Bank Secrecy Act (BSA). Zhao then denied any involvement in the alleged discussions about a stake in Binance.US with members of the Trump administration.
The interest of the Trump family in Binance.US
An additional report from the WSJ revealed exploratory talks between members of the Trump family and Binance to invest in the U.S. branch of the crypto giant. According to sources, the discussions would have started after a Binance attempt to reconnect with Trump’s allies, in an effort to boost its presence in the U.S. market.
The exchange has recently restored deposits and withdrawals in fiat currency, marking a first step to regain the trust of American users. This comes after the Securities and Exchange Commission (SEC) filed a lawsuit against Binance in 2023 for alleged violations of securities regulations, causing a breakdown in relations with its banking partners.
Zhao did not make further comments on the possible involvement of the Trump family, emphasizing that he no longer has any say in Binance’s operations after stepping down as CEO in November 2023, as part of the agreement reached with U.S. authorities.
The connection with World Liberty Financial
Doubts remain about the role the Trump family might take in Binance through World Liberty Financial (WLF). According to WSJ, it is unclear whether the potential involvement would materialize as a direct stake or a collaboration with WLF.
An additional report by Bloomberg stated that World Liberty Financial would have initiated discussions with Binance for a possible collaboration, also hypothesizing the creation of a new stablecoin. However, the status of the negotiations and the possibility of a definitive agreement remain uncertain.
Zhao’s involvement in this matter was further highlighted after two sources revealed that the former CEO of Binance met with Steve Witkoff, Trump’s envoy to the Middle East, during the Bitcoin MENA 2024 conference in Abu Dhabi. Witkoff and his sons, Alex and Zach, are among the founders of World Liberty Financial. According to the sources, the relations between Binance and WLF continued after that meeting.
Zhao’s Denials on Negotiations with WLF
Despite the multiple reconstructions on the relationships between Zhao, Binance, and World Liberty Financial, CZ has once again denied any involvement.
“I/Binance do not have any commercial agreement with WLF or with the people mentioned in the Bloomberg article.”
He also added that Binance has not purchased any cryptocurrency linked to WLF, downplaying any connection between the two entities.
Trump’s pro-crypto stance
In recent months, Donald Trump has strengthened his connection with the cryptocurrency sector, launching collections of NFTs and an official memecoin on the Solana blockchain. Additionally, he signed an executive order on March 6, 2025, to establish a Strategic Bitcoin Reserve in the United States, using 200,000 BTC seized in legal proceedings.
Trump has also tasked Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick with developing strategies to purchase additional Bitcoin without burdening American taxpayers. Additionally, the government has created a Digital Asset Stockpile, which aggregates cryptocurrencies other than Bitcoin obtained from legal seizures.
The recent news about Changpeng Zhao and Binance reflect the tensions between the cryptocurrency sector and US politics. While Zhao continues to reject the accusations of contacts with the Trump administration and World Liberty Financial, the growing interest of the former president in blockchains could significantly influence the future of the crypto industry in the United States.
