In a surprising revelation during a press briefing at the White House, U.S. President Donald Trump admitted that he has “no idea” who issued the presidential pardon for Changpeng Zhao (CZ), the billionaire founder of Binance, who was controversially released earlier last month. The statement has sparked widespread confusion and speculation across political and crypto circles, as the pardon had been previously attributed to an “executive order from the President’s office.”
When asked by reporters about the unexpected clemency granted to CZ, Trump responded bluntly:
“I really don’t know who did that. I didn’t sign anything. Maybe someone else did. We’ll look into it.”
The remark has ignited a political storm, with critics questioning the legitimacy of the pardon and whether an unauthorized executive act may have occurred within the administration.
Background: The Controversial CZ Pardon
Changpeng Zhao, widely known as CZ, was sentenced earlier this year for alleged regulatory violations related to Binance’s global operations. However, his sudden release following a mysterious presidential pardon raised eyebrows, particularly as the decision came amid ongoing scrutiny of crypto regulation under the Trump administration.
Sources close to the White House suggested that internal confusion may have led to the approval of the pardon through a clerical or procedural loophole, though no official confirmation has been provided.
Political Fallout and Market Reaction
The statement has triggered sharp responses across Washington. Opposition lawmakers have called for an immediate investigation into how the pardon was processed, citing concerns over executive accountability.
Meanwhile, crypto markets reacted sharply to the news. Binance Coin (BNB) briefly fell 7% before rebounding, as traders speculated that the controversy might have a limited long-term impact on the exchange’s operations.
Analysts note that while the pardon uncertainty has created political drama, it has also drawn renewed public attention to broader discussions of crypto regulation and executive oversight in the U.S.
CZ’s Response
CZ, who has kept a low profile since his release, posted a brief statement on X (formerly Twitter):
“Grateful for freedom. The truth will always come out. Building continues.”
While his post did not directly address Trump’s remarks, it fueled speculation about potential behind-the-scenes negotiations between Binance officials and U.S. regulators in recent months.
What Happens Next
Legal experts say the Justice Department will likely review the authenticity of the pardon documents and determine whether any procedural irregularities occurred. If found invalid, the situation could evolve into a constitutional crisis, raising questions about how presidential powers were executed.
The White House, meanwhile, has promised full transparency once an internal review is completed.
FAQs
1. Who pardoned Binance founder CZ?
At present, it remains unclear. President Trump has denied personally approving the pardon, prompting investigations into how it was issued.
2. Why was CZ imprisoned initially?
CZ faced charges related to regulatory compliance failures and alleged money laundering through Binance operations.
3. Could the pardon be revoked?
If the Justice Department finds the pardon was issued illegally or without authorization, it may be subject to legal challenge or reversal.
4. How has the crypto market reacted?
Binance Coin (BNB) saw a temporary dip but quickly stabilized, indicating traders expect limited long-term damage.
5. What does this mean for crypto regulation?
The controversy could push lawmakers to demand stricter oversight of executive powers and clearer crypto regulatory frameworks in the U.S.