Warren, Binance, Trump Clash Over Zhao Pardon

Binance CEO Richard Teng denied the exchange boosted the Trump-linked World Liberty Financial/MGX project ahead of Changpeng “CZ” Zhao’s pardon, saying Binance acted independently and complied with regulators. President Trump defended pardoning Zhao on CBS’s 60 Minutes, calling him a victim of a “witch hunt” and saying he did not know Zhao personally but felt he had to “do the right thing.” Senator Elizabeth Warren called the pardon “corruption” on X, citing Zhao’s November 2023 guilty plea for failing to maintain an effective anti-money-laundering program and reporting linking Binance to the Trump-associated USD1 stablecoin and MGX. Zhao’s lawyers demanded a retraction and threatened defamation litigation, and Warren’s attorney Ben Stafford replied such a claim would be without merit because her statements were based on DOJ materials and public court records and are protected. The episode has intensified political and regulatory scrutiny of crypto and raised reputational and market concerns for Binance and BNB.