In a revealing discussion, Binance co-founder Changpeng "CZ" Zhao shared insights on how rival crypto exchanges actively campaigned against his pardon. His potential return to the U.S. market through a pardon has raised significant concerns among competitors.
Concerns Among Competitors
During an appearance on the Crypto Banter podcast with Ran Neuner, Zhao expressed doubt about the likelihood of receiving a pardon from former U.S. President Donald Trump. He noted, "You never know because we actually had very strong anti-lobbying from some of our perceived competitors in the U.S." He emphasized that these exchanges were worried about Binance re-entering the U.S. crypto landscape after well-documented legal battles.
Binance's Departure from the U.S. Market
- Binance exited the U.S. market in November 2023.
- The exit followed a significant $4.3 billion settlement over violations of the Bank Secrecy Act and other regulations.
- Concerns revolved around failures to register as a money transmitting business.
Zhao candidly mentioned, "I’m pretty confident there was push back," hinting at the presence of competitive undertones influencing his pardon bid.
Pardon Granted Amid Controversy
In October 2025, Zhao's efforts were rewarded with a pardon from Trump, approximately a year after he completed a four-month prison sentence for breaching U.S. anti-money-laundering laws in September 2024. Reflecting on the situation, Trump later remarked during a 60 Minutes interview that he had "no idea who he is" but believed Zhao was a victim of a "witch hunt" from the previous administration.
Resumption of Binance.US Operations
Noteworthy is the fact that Binance.US resumed operations for eligible U.S. users in February 2025, a few months ahead of Zhao’s pardon. This development signifies a potential shift in the landscape of crypto exchanges in the U.S.
Legal Challenges and Future Aspirations
Adding to the drama, Zhao's comments come on the heels of a federal court in Alabama dismissing a 2024 lawsuit that accused Binance and Zhao of facilitating fund transfers to terrorist groups. This ruling might accelerate Binance's brand rehabilitation among regulators.
Looking forward, Zhao articulated a vision for the future of cryptocurrencies. He anticipates that by 2031, the discussion around crypto will fade into the background, similar to our modern-day conversations about the internet.
"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," Zhao remarked on the Wolf of All Streets podcast.
Stay tuned for more developments as the dynamics of the cryptocurrency sector continue to evolve.
