Changpeng "CZ" Zhao, the founder of Binance, addressed claims about his business relationships with the Trump family, stating there are "no business relationships whatsoever."
This statement came during an interview with CNBC's Andrew Ross Sorkin at the World Economic Forum in Davos, Switzerland.
Zhao pleaded guilty to charges of enabling money laundering in 2023 and served four months in prison. He was released in September 2024.
In October 2025, former President Donald Trump granted him a pardon, which attracted scrutiny regarding a significant investment in Binance.
The pardon raised questions about a $2 billion investment made in March 2025 by Abu Dhabi's state-owned firm, MGX. This investment was paid using USD1, a stablecoin issued by World Liberty Financial, a company associated with the Trump family.
Zhao explained that accepting USD1 as payment was not an endorsement of the stablecoin's issuer, stating, "Stablecoin is just a currency for payment." He further clarified, "Just because I accepted that, it doesn't mean I invested in the issuer of that."
Following Zhao's pardon, it was reported that lobbyist Charles McDowell's firm received $450,000 to lobby the White House and Treasury Department on issues related to digital assets and cryptocurrency.
Zhao denied any knowledge of a deal that would connect him to receiving the pardon, stating, "As far as I know, that does not exist at all." He also mentioned that he had not spoken directly with Trump since his release.
Despite the controversies surrounding his pardon and the investment from MGX, Zhao remains a major shareholder of Binance. He had stepped down as the CEO of the company in 2023 as part of his plea agreement, which included a $4.3 billion settlement with the Department of Justice.
Zhao's future involvement in Binance and the broader cryptocurrency market remains to be seen as he continues to navigate the aftermath of his legal issues.