Shortly after making a highly controversial decision to pardon Binance founder and former CEO Changpeng Zhao, US President Donald Trump has now distanced himself from the cryptocurrency mogul by stating that he does not actually know him.
"OK? Are you ready? I don't know who he is," Trump told "60 Minutes" when asked about his reasoning behind the pardon.
"Pay-to-play" accusations
Critics have chastised Trump over World Liberty Financial (WLF), the cryptocurrency business venture linked to the family of the POTUS.
Binance has reportedly played a part in boosting the venture. The crypto exchange co-wrote the code for WLF's USD1 stablecoin and supported its launch. UAE‑backed investment firm MGX also made a $2 billion investment into Binance via the stablecoin, elevating its market cap.
Senator Elizabeth Warren (D‑MA), a progressive Democrat known for her persistent criticism of the cryptcurecy industry, called the pardon a "pay‑to‑play" situation.
Senator Chris Murphy (D‑CT) also lashed out at Binance following the pardon, joining a choir of critics.
"I know nothing about it"
Trump, however, claims that he knows nothing about WLF's controversial business deals because he is currently busy doing "other things."
The POTUS has added that his sons are into it because it is "probably" a great industry. "They are running a business, they are not in government," he snapped.
As reported by U.Today, Trump stated that Bitcoin was "a scam" while calling for tougher crypto regulation during his first term.
However, he ended up changing his tune during his 2024 presidential campaign due to strong backing from the crypto lobby.
Following Trump's victory, the US has made a complete U-turn in terms of crypto regulation, fully embracing the industry.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team
