Trump Criticizes CNN Host Over Question about Binance Founder’s Pardon
WASHINGTON - Former President Donald Trump sharply criticized CNN’s Kaitlan Collins during a Thursday interview after she questioned him about his decision to pardon Changpeng Zhao, the founder of the cryptocurrency exchange Binance. Zhao was released from prison last year after serving a four-month sentence for violating the Bank Secrecy Act.
The exchange occurred as Trump was promoting his recent legal victories and attacking President Biden. According to reports, Trump accused collins of asking a “nasty” question and claimed the inquiry was politically motivated.
Zhao’s case marked the first time anyone had been sentenced to prison for violating the Bank Secrecy Act,a law requiring U.S. financial institutions to identify customers, monitor transactions, and report suspicious activity.prosecutors argued Zhao’s violations were unprecedented in scope. The judge in the case expressed concern over Zhao’s deliberate disregard for U.S. banking regulations, which would have possibly hindered Binance’s rapid expansion.
The pardon has drawn scrutiny given Trump and his family’s increasing involvement in the cryptocurrency market. World Liberty Financial, a crypto project founded by Trump and his sons Donald jr. and Eric, received early investment support from a fund in the United Arab Emirates that utilized $2 billion worth of World Liberty’s stablecoin to acquire a stake in Binance. A separate World Liberty Finance token experienced a meaningful price surge Thursday following the declaration of the pardon, outpacing gains by other major cryptocurrencies, according to data from CoinMarketCap.
Bini previously described Zhao’s offense as “sounding like a regulatory offense, or at worst its kissing cousin.” Stablecoins, like the one used in the UAE investment, are cryptocurrencies typically pegged to the value of the U.S. dollar.
