Crypto pardons Why Trump says he “had no idea” who CZ is

President Trump says he didn’t know who CZ was even after pardoning him amid claims of government over-reach — here’s what it means for crypto regulation.

In a surprising turn, Donald Trump revealed during a TV interview that he did not know who Changpeng Zhao (“CZ”), the co-founder of Binance, was — despite having pardoned him.

What happened

Zhao pleaded guilty in 2023 for enabling money-laundering and served four months in prison. He also stepped down as CEO of Binance. Yet, when asked by 60 Minutes why he pardoned Zhao — despite prosecutors saying the case caused “significant harm to US national security” — Trump responded: “I don’t know who he is… no idea.”

Why it matters

• The pardon lifts restrictions that made it difficult for Zhao to run financial ventures in the U.S.
• Trump said the prosecution was part of a “war on cryptocurrency” under the Biden administration — signalling a broader policy shift.
• Binance remains the world’s most-used crypto exchange, so this signals how the U.S. might treat crypto regulation and enforcement in future.
• Trump emphasised that the U.S. must lead in crypto or risk falling behind China and other rivals.

My additional thoughts

Given Trump’s admission of not knowing Zhao, this raises questions about the decision-making process behind the pardon. Was it based on political banking or genuine review of the case? The statement might affect public trust in the pardon and oversight process.
Also, the move reminds crypto businesses that regulatory risk remains high—even if pardoned—because the pardon doesn’t necessarily change how regulators view underlying cases or future compliance requirements.

What to watch

• Will Zhao return to a leadership role in crypto ventures now that pardon restrictions are lifted?
• How will U.S. regulators respond given the high-profile nature of the pardon?
• Will this set a precedent for how future crypto prosecutions and pardons are handled?