A presidential pardon shouldn’t look like a family business perk.
But Trump’s CZ pardon — and the $2B crypto windfall tied to his sons
Trump’s Pardon of Binance Founder Raises Major Ethics Red Flags
In a recent episode of 60 Minutes, former President Donald Trump was grilled over his controversial October 2025 pardon of Changpeng “CZ” Zhao, the co-founder of Binance. The interview ignited a firestorm of criticism, exposing possible conflicts of interest and deeper questions about presidential clemency.
What happened:
- In 2023, Zhao pleaded guilty to violating anti–money laundering laws and served a four-month prison sentence. (The Daily Beast)
- Trump pardoned Zhao in October 2025, removing the legal barriers that had restricted his financial operations. (The Daily Beast)
- The timing raised eyebrows: shortly before the pardon, a $2 billion investment flowed into Binance through World Liberty Financial (WLFI) — a crypto firm linked to Trump’s sons, Donald Jr. and Eric Trump. (The Daily Beast)
- Binance allegedly donated software to WLFI as part of its collaboration with the Trump-linked firm. (Yahoo)
Trump’s defense + reaction:
- In the 60 Minutes interview, Trump claimed he didn’t know Zhao personally:
“Okay, are you ready? I don’t know who he is … I don’t think I ever met him.” (Axios) - He framed the pardon as a correction of injustice, calling Zhao a victim of a “Biden witch hunt.” (Ars Technica)
- From the White House, spokeswoman Karoline Leavitt defended the move, saying the pardon signalized a strong stance against what they consider the Biden administration’s “war on crypto.” (Cointelegraph)
Critics push back hard:
- Elizabeth Oyer, a former U.S. pardon attorney, called the pardon “unprecedented” from an ethics standpoint. She described it as “self-dealing,” arguing that it financially benefits Trump’s inner circle. (The Daily Beast)
- Harvard legal scholar Lawrence Lessig noted that even if there’s no confirmed “quid pro quo,” the informal financial exchanges create a problematic culture around Trump’s pardon power. (The Daily Beast)
- Some experts warn that this could be seen as a “classic conflict of interest,” where a president uses his clemency powers to reward business allies.
Why people are so concerned:
- The deal potentially sets up huge financial gains for the Trump family — estimates suggest tens of millions of dollars per year from WLFI’s stake in Binance-backed projects. (The Daily Beast)
- Critics argue this undermines trust in the pardon process, turning it into a tool for cronyism rather than justice.
Bottom line:
This isn’t just a story about one crypto billionaire getting off easy. It may also reflect a broader trend — one in which political power and personal profit blur in troubling ways. Whether or not there was a direct “you scratch my back, I scratch yours” deal, the optics here are deeply problematic.