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President Donald Trump said he pardoned Changpeng Zhao, a billionaire who boosted a crypto company owned by the Trump family, because "a lot of people" said he was innocent.

During a Thursday Oval Office event, a reporter asked whether Zhao's pardon had anything to do with his family's World Liberty Financial crypto venture.

"I do pardon a lot of people," Trump replied. "A lot of people say that he wasn't guilty of anything. He served four months in jail, and they say that he was not guilty of anything."

"That what he did, well, you don't know much about crypto," he told the reporter. "You know nothing about nothing, you know, fake news. But let me just tell you that he was somebody that, as I was told, I don't know him. I don't believe I've ever met him. But I've been told by — a lot of support, he had a lot of support. And they said that what he did is not even a crime."

Trump claimed that Zhao had been "persecuted by the Biden administration," even though he pleaded guilty to violating U.S. anti-money-laundering requirements.

"So I gave him a pardon at the request of a lot of very good people," Trump concluded.