President Donald Trump distanced himself from Binance (CRYPTO: BNB) founder Changpeng “CZ” Zhao, amid heavy criticism over his pardon of the cryptocurrency mogul.
Trump Says CZ Victimg Of ‘Biden Witch Hunt’
During a “60 Minutes” interview with CBS News, Trump was asked about his family’s association with Binance and why he chose to pardon CZ.
“I don't know who he is,” Trump responded. “I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt.”
Trump justified his decision, claiming that the Biden administration treated CZ “badly” and was wrongfully incarcerated.
“He’s highly respected. He’s a very successful guy. They sent him to jail and they really set him up. That’s my opinion. I was told about it,” he added.
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Sen. Chris Murphy (D-CT) reacted to Trump’s statements, saying, “Priceless / he thinks we are so dumb.”
A New Political Firestorm
Murphy, along with other democratic senators, including Sen. Elizabeth Warren (D-Mass.) and Sen. Adam Schiff (D-Calif.), have questioned the pardon. The lawmakers alleged that Binance's involvement in a $2 billion investment through World Liberty Financial (WLFI) and Trump's personal stake in the platform represent "clear corruption and influence-peddling."
CZ was pardoned by Trump after pleading guilty in 2023 to violating the Bank Secrecy Act, a law that requires financial institutions to help U.S. government agencies detect and prevent money laundering. He paid a $50 million fine, stepped down as the company’s CEO and subsequently served four months in prison.
The controversy has deepened amid reports that CZ was considering suing Warren over alleged defamatory remarks she made about him in an X post.
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