Binance founder Changpeng "CZ" Zhao said that his business relationship with President Donald Trump's family has been "misconstrued" in the wake of his pardon.
"There's no business relationships whatsoever," Zhao told CNBC's Andrew Ross Sorkin Thursday in an interview at the World Economic Forum in Davos, Switzerland.
The former Binance CEO served four months in prison after pleading guilty in 2023 to charges he enabled money laundering during his time leading the company. Zhao was released in September 2024.
Trump's pardon in October 2025 drew attention to Binance's ties to World Liberty Financial, a crypto company run by the president's family.
The connection stems from a $2 billion investment in March 2025 by Abu Dhabi's state-owned firm MGX into Binance. MGX paid using USD1, a stablecoin created by World Liberty Financial.
Zhao stepped down as Binance's CEO in 2023 as part of the plea deal and $4.3 billion settlement with the Department of Justice. He remains a major shareholder.
"MGX is the investor. They choose USD1," Zhao told CNBC. "My request to them was they pay us in crypto. I don't want to deal with banks, really.
"Many people misconstrued that," he added.