The White House carefully considered Binance founder Changpeng Zhao’s pardon and went through the standard processes before sending it to President Donald Trump for his approval, says White House press secretary Karoline Leavitt.
Trump defended the pardon in an interview with CBS News’ 60 Minutes on Sunday, saying he had “no idea” who Zhao is and dismissing criticism of his pardon as politically motivated.
Leavitt said in a briefing on Tuesday that Trump’s comments on Zhao in the interview were meant to convey that “he does not know him personally” and that the president “does not have a personal relationship with this individual.”
She added that the pardon was considered with “utmost seriousness” and went through a “thorough review process” by the Department of Justice and the White House Counsel’s office.
“There’s a whole team of qualified lawyers who look at every single pardon request that ultimately make their way up to the president of the United States,” she added. “He’s the ultimate final decision maker.”
It follows multiple news reports suggesting Binance and Zhao helped the Trump family’s crypto venture, World Liberty Financial, with building its stablecoin and using it in a $2 billion investment deal, which Binance CEO Richard Teng has denied.
Trump “corrected” a wrong, Leavitt says
Leavitt claimed that Zhao was “over-prosecuted by a weaponized DOJ,” and the Biden administration sought an excessive penalty as a result.
Zhao pleaded guilty in November 2023 to failing to maintain an effective Anti–Money Laundering program at Binance in violation of the Bank Secrecy Act.
US prosecutors initially requested a three-year prison term, but the sentencing judge rejected that as “too harsh” and instead opted for a four-month jail sentence, which Zhao began serving in April 2024.
“The president is correcting that wrong, and he has officially ended the Biden administration’s war on the cryptocurrency industry, and I think that’s the message he sent with this pardon,” Leavitt said.
Zhao’s lawyer, Teresa Goody Guillén, and other supporters have argued it was a harsh sentence given that it was a single charge of failure to have an effective compliance program, and Zhao was a non-violent first-time offender.
60 Minutes cut question on crypto from show
In a section of Trump’s 60 Minutes interview that was cut from broadcast, CBS’s Norah O’Donnell asked the president whether he was concerned “about the appearance of corruption,” regarding Zhao’s pardon.
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“I can’t say, because — I can’t say — I’m not concerned. I don’t — I’d rather not have you ask the question,” Trump replied, according to a transcript of the interview.
He then added that the US was “number one in crypto in the whole world” because he is the president, and that he didn’t want “China or anybody else to take it away. It’s a massive industry.”
CBS’s YouTube video of its interview with Trump notes that it was “condensed for clarity.”
Before the cut question, Trump said his sons are more involved in crypto than he is, and he knows very “little about it, other than one thing. It’s a huge industry.”
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