Changpeng Zhao, the Binance co-founder, said rival US crypto exchanges lobbied against his pardon. The opposition centred on fears that a pardon would clear the path for Binance to re-enter the US market.
Zhao served four months in 2024 for violating US anti-money-laundering laws. He told the Crypto Banter podcast he wasn’t confident about receiving a pardon. “We actually had very strong anti-lobbying from some of our perceived competitors in the US,” Zhao said. The other crypto exchanges didn’t want him pardoned, he argued, because they were worried about Binance coming back.
CZ pardon bid met resistance
Binance exited the US market in November 2023. The departure followed a $4.3 billion settlement with the US government over violations of the Bank Secrecy Act and the International Emergency Economic Powers Act. The firm also failed to register as a money transmitting business.
Zhao said he was “pretty confident” the CZ pardon bid faced pushback from competitors. He offered no concrete evidence. The concern, he said, was about market share and the threat of Binance.US resuming operations.
| Event | Date | Detail |
|---|---|---|
| Binance US exit | November 2023 | $4.3bn settlement |
| Zhao prison term | 2024 | Four months served |
| Zhao released | September 2024 | Sentence completed |
| Trump pardon | October 2025 | Granted |
| Binance.US resumes | February 2025 | Eligible users |
Binance.US resumed before pardon granted
President Donald Trump pardoned Zhao in October 2025, just over a year after Zhao completed his sentence. During a 60 Minutes interview in November 2025, Trump said he had “no idea who he is” but was told Zhao was a victim of a “witch hunt” by the previous administration.
Binance.US resumed operations for eligible US users in February 2025. That was months before the CZ pardon bid succeeded. The timing suggests the regulatory path was already clearing, regardless of the pardon.
Alabama court dismissed 2024 complaint
A federal court in Alabama granted a motion in March to dismiss a 2024 complaint against Binance, Binance.US, and Zhao. The complaint alleged the crypto exchange facilitated transferring funds to terrorist groups. The dismissal removed another legal overhang.
Zhao said in April he hopes crypto becomes invisible infrastructure by 2031. “I’m hoping that we don’t talk about crypto as crypto in five years, just like we don’t talk about the internet anymore,” he told the Wolf of All Streets podcast. The vision is integration, not hype.
The CZ pardon bid became a proxy fight over market structure. The incumbents didn’t want the competition back. They got their way for a while. They lost in the end.
This article is for information purposes only and does not constitute investment advice. Readers should not act on any information contained here without first consulting an authorised financial adviser. Past performance is not a reliable indicator of future results.
