Hold onto your digital wallets, folks—President Donald Trump has just dropped a bombshell by pardoning Changpeng Zhao, the founder of Binance, in a move that’s got everyone from crypto enthusiasts to Capitol Hill critics buzzing.
According to the Daily Mail, this story, in a nutshell, revolves around Trump’s pardon of Zhao, a major player in the cryptocurrency world, amidst swirling questions about potential conflicts of interest tied to the Trump family’s own crypto venture, World Liberty Financial.
Let’s start at the beginning: Changpeng Zhao, often known as ‘CZ,’ is a 48-year-old Chinese-Canadian based in Abu Dhabi who founded Binance, the world’s largest cryptocurrency exchange. His company hit a rough patch when it was barred from operating in the U.S. in 2023, followed by Zhao’s four-month prison sentence in 2024 for violating anti-money-laundering laws under the Bank Secrecy Act. The Biden administration didn’t hold back, claiming Zhao’s actions caused “significant harm to U.S. national security.”
Fast forward to Zhao’s release, and Binance has been pushing hard for a pardon, hoping it might pave the way for a return to the American market, as noted by the Wall Street Journal. That’s where Trump steps in, issuing a pardon that’s raised more than a few eyebrows.
During a 60 Minutes interview, Trump claimed ignorance about Zhao, stating, “I know nothing about the guy, other than I hear he was a victim of weaponization by government” (Donald Trump). Well, that’s a curious stance for a president who’s made himself the self-proclaimed ‘crypto president,’ promising to turn America into the ‘Capital of Crypto’ after once dismissing bitcoin as a scam.
Trump’s family, however, is deeply entrenched in the crypto game. His sons—Don Jr., Eric, and Barron—are co-founders of World Liberty Financial (WLF), a venture launched to offer financial services via cryptocurrencies without traditional banking intermediaries. President Trump himself holds a 25 percent stake in WLF tokens and is listed as a ‘co-founder emeritus.’
WLF opened for public trading in September and quickly amassed a staggering $5 billion in paper wealth, potentially becoming the Trump family’s most valuable asset, per the Wall Street Journal. The family holds a majority stake, entitling them to 75 percent of earnings from their initial coin, $WLFI. Add in a $2 billion investment fund in the United Arab Emirates—where Zhao resides—for a stake in Binance using WLF’s USD1 coin, and the connections start looking awfully cozy.
Binance, for its part, has been promoting USD1 trades on its platform and even facilitated a $2 billion purchase of WLF’s stablecoin right before the pardon. WLF profits whenever its coins are used in transactions, which means the Trump family’s bank accounts are likely smiling. Critics and even some allies of Trump are scratching their heads over this pardon, pointing to the clear overlap between the family’s blockchain interests and Zhao’s case. The concern isn’t just optics—it’s whether personal financial gain played a role in a presidential decision.
Trump doubled down on his reasoning, saying, “This man was treated really badly by the Biden administration. And he was given a jail term” (Donald Trump). If we’re to take him at his word, this is about righting a wrong from a hostile previous administration, not about any personal or family benefit.
Yet, the Trump Organization has taken steps to distance the president from day-to-day operations, announcing that his investments and business interests are held in a trust managed by his children. An ethics adviser has also been retained to avoid any perceived conflicts of interest.
White House Press Secretary Karoline Leavitt echoed this sentiment, asserting that neither Trump nor his family would ever engage in conflicts of interest. Still, when your family’s crypto venture is raking in hundreds of millions and a pardon recipient’s company is boosting your coins, the public might need more than a promise to feel reassured.
Let’s not forget Trump’s broader crypto ambitions—he’s launched meme coins with Melania, including Trump, which briefly soared to over $100 million before crashing. Melania’s coin followed a similar boom-and-bust trajectory. For a family so invested in digital currency, a pardon like this can’t help but smell a little like self-interest, even if it’s dressed up as justice.
The bottom line? This pardon of Zhao isn’t just about one man’s legal troubles—it’s a window into the messy intersection of politics, family business, and an industry Trump wants to champion. While the progressive agenda might cry foul over unchecked power, conservatives might argue it’s high time to push back against overzealous prosecution from the prior administration.
Still, as Americans, we deserve clarity on whether decisions at the highest level are truly about fairness or if they’re tangled up in personal gain. Trump’s pardon of Zhao may be a win for crypto advocates, but it’s a reminder that transparency in governance isn’t just a buzzword—it’s a necessity.