Binance founder Zhao Changpeng denies having business ties with the Trump family, stating that he has been misunderstood by the outside world

On Friday, CNBC reported that Binance founder Changpeng Zhao stated that after he received a presidential pardon from former U.S. President Donald Trump, there was a misunderstanding about his relationship with the Trump family, asserting that there is no business relationship between them.

In March last year, Abu Dhabi's state investment company MGX invested $2 billion in Binance, using the stablecoin USD1, which was established by the Trump family-operated cryptocurrency company World Liberty Financial for payment. Zhao claimed that the use of cryptocurrency for payment was simply to avoid dealing with banks, emphasizing that he has never had a direct conversation with Trump, having only attended the same event in Davos, Switzerland, at a distance of about 30 to 40 feet. He also denied that the pardon was related to any transaction.

Zhao admitted in 2023 that the company was involved in money laundering activities and served four months in prison, being released in September 2024. Trump pardoned Zhao in October last year. Zhao subsequently resigned as CEO of Binance but remains a major shareholder in the company