President Trump has shed light on the reasons behind his decision to pardon Binance CEO Changpeng Zhao, a move that has raised eyebrows given the crypto exchange's complex ties with the Trump family.
In an interview with CBS correspondent Norah O'Donnell, Trump stated, "I don't know who he is." This remark came after O'Donnell asked him why he pardoned Zhao, despite the latter pleading guilty to violating anti-money laundering laws and facing a four-month prison sentence.
Trump claimed that he had been informed by various people that Zhao was not guilty of anything and that he had faced persecution from the Biden administration. The president's stance on this matter has been met with skepticism, with many viewing it as an attempt to shield the crypto industry from scrutiny.
As part of his pardon, Trump effectively lifted a cloud over Binance's plans to operate in the US market. Prior to the pardon, the company had faced significant regulatory hurdles due to its ties with World Liberty Financial and the alleged laundering of funds for terrorist groups.
The move is seen as a boon for the Trump family business, which has been linked to crypto deals worth billions. Eric and Donald Jr., Trump's sons, have played key roles in these transactions. While they did not comment on their involvement, President Trump acknowledged that his sons are "into" crypto more than he is.
Despite the pardon, Binance CEO Zhao will still maintain a controlling stake in the company, with an estimated net worth of $52.6 billion. In a statement following the pardon, Zhao vowed to make America the capital of cryptocurrency and advance web3 worldwide.
The controversy surrounding this pardon has highlighted the opaque nature of the crypto industry and the lack of regulation in the US market. Critics have accused Trump of using his power to protect the interests of friends and family members, while others see it as a necessary step to boost economic growth.
In an interview with CBS correspondent Norah O'Donnell, Trump stated, "I don't know who he is." This remark came after O'Donnell asked him why he pardoned Zhao, despite the latter pleading guilty to violating anti-money laundering laws and facing a four-month prison sentence.
Trump claimed that he had been informed by various people that Zhao was not guilty of anything and that he had faced persecution from the Biden administration. The president's stance on this matter has been met with skepticism, with many viewing it as an attempt to shield the crypto industry from scrutiny.
As part of his pardon, Trump effectively lifted a cloud over Binance's plans to operate in the US market. Prior to the pardon, the company had faced significant regulatory hurdles due to its ties with World Liberty Financial and the alleged laundering of funds for terrorist groups.
The move is seen as a boon for the Trump family business, which has been linked to crypto deals worth billions. Eric and Donald Jr., Trump's sons, have played key roles in these transactions. While they did not comment on their involvement, President Trump acknowledged that his sons are "into" crypto more than he is.
Despite the pardon, Binance CEO Zhao will still maintain a controlling stake in the company, with an estimated net worth of $52.6 billion. In a statement following the pardon, Zhao vowed to make America the capital of cryptocurrency and advance web3 worldwide.
The controversy surrounding this pardon has highlighted the opaque nature of the crypto industry and the lack of regulation in the US market. Critics have accused Trump of using his power to protect the interests of friends and family members, while others see it as a necessary step to boost economic growth.
This pardon is just another example of how politics and business collide. I mean, who does President Trump think he's kidding with that "I don't know who he is" line? 
It sounds like a classic case of crony capitalism right there. And let's be real, this is all about the Benjamins... or in this case, the crypto benjamins 
.
. It raises serious questions about how these big players get away with breaking the law without consequence. I'm not saying they're guilty or anything, but some level of accountability is needed here.
. When you've got a president who's more interested in shielding his family members than doing what's best for the country... well, that's a problem 
. We need to hold our leaders accountable, not just when it suits them.
. We can't have these big players running amok without someone keeping an eye on them 
. This pardon is a wake-up call, folks... let's make sure we're paying attention to the issues that really matter 
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According to my data, there are over 10 million Americans invested in the crypto market, but only around 2% have a net worth of $52.6 billion 
Meanwhile, the Biden administration has been trying to regulate this industry for years, and now we're seeing the effects of a lack of oversight 
According to Google Trends, crypto discussions have increased by 300% in the past month alone 
The Trump family has been linked to $10 billion in crypto deals... that's a whole lot of money 
. It's just another example of how confusing the whole pardon thing is. And with Binance now being able to operate in the US, it's like they're getting a free pass 
. But at what cost? I mean, we all know about the shady dealings in the crypto world and now it seems like Trump is shielding his own family's interests from scrutiny 
. Still, I guess this pardon will give Zhao a big boost to his net worth 
. Not sure if that's something we should be celebrating though 
I don't get why President Trump felt the need to pardon Changpeng Zhao from anti-money laundering laws... like, what's going on here? 
... it's like, isn't it our job to hold people in positions of power accountable for their actions? I mean, Binance's ties with World Liberty Financial and alleged laundering of funds are huge red flags 
. What really worries me is that this sets a bad precedent for future pardons and how they'll be handed out... like, what's next? Is anyone above the law, or do we just let our leaders use their power to protect their friends and family? 
.
The fact that his sons are into crypto too is just wild... it feels like they're trying to make a lot of money off this thing. 
I mean, come on trump is literally shielding binance from all the drama because he's buddies with cz and his fam 
I'm so concerned about this pardon, guys... It feels like President Trump is putting politics over justice 
and favoritism towards his family members. Can you imagine if it was your sibling who got a free pass to avoid prison? 
Wasn't he already in trouble or something? 
It's not like Zhao didn't break the law, he did! 
. It's like he's trying to create a whole new industry where his fam can make bank 
. And I'm not saying he's doing it all for himself, but... actually, that's kinda what I'm saying