Overview
- President Trump said on 60 Minutes that he does not know Changpeng “CZ” Zhao and described Zhao’s case as a Biden-era “witch hunt.”
- The pardon, issued Oct. 23, clears Zhao’s federal record but does not alter Binance’s $4.3 billion settlement, compliance monitor, or ongoing oversight.
- Reporting has detailed a $2 billion transaction by Emirati firm MGX using World Liberty Financial’s USD1 stablecoin and Binance-built technology, while the White House and World Liberty deny any role in the clemency decision.
- Democratic lawmakers led by Sens. Elizabeth Warren and Adam Schiff have sought documents from DOJ and Treasury with responses due in early November, and some Republicans have also criticized the pardon.
- Following the pardon, Binance moved to list World Liberty tokens, further fueling conflict-of-interest questions, as Zhao’s 2023 guilty plea and four-month sentence remain central to critics’ concerns.