What Did CZ Say About the Pardon Process?
Binance co-founder Changpeng “CZ” Zhao said he was not highly confident he would receive a pardon from US President Donald Trump after serving a 4-month prison sentence in 2024 for violating US anti-money-laundering laws.
“You never know because we actually had very strong anti-lobbying from some of our perceived competitors in the US,” Zhao told Ran Neuner on the Crypto Banter podcast published on Saturday.
Zhao argued that other US crypto exchanges opposed a pardon because they were concerned Binance could return to the US market after its exit in November 2023.
“The other crypto exchanges in the US don’t want me to get a pardon,” Zhao said.
Why Does Binance’s US Exit Still Matter?
Binance left the US market after a $4.3 billion settlement with the US government tied to violations of the Bank Secrecy Act, the International Emergency Economic Powers Act, and failure to register as a money transmitting business.
Zhao completed his prison term in September 2024. Trump granted the pardon in October 2025, just over a year later.
Binance.US had already resumed operations for eligible US users in February 2025, months before the pardon was issued. That timing matters because the pardon affects Zhao personally, while Binance.US had already begun rebuilding user access under its separate US structure.
Investor Takeaway
What Did Trump Say About the Pardon?
During a November 2025 interview with 60 Minutes, Trump said he had “no idea who he is” but was told Zhao had been a victim of a “witch hunt” by the Biden administration.
Zhao said he believed there had been pushback from US crypto exchange rivals, though he said he did not have concrete evidence.
“I’m pretty confident it happened to some extent. I don’t have concrete evidence of any of it, but I’m pretty confident there was pushback,” Zhao said.
How Does This Affect Binance’s US Prospects?
Zhao’s comments add a political layer to Binance’s long-running US problems. The exchange remains one of the largest global crypto platforms, but its US footprint has been constrained by enforcement history, licensing limits, and competition from regulated local firms.
The case also shows how crypto market access in the US is shaped by more than product demand. Legal history, public trust, lobbying, and competition all affect whether a global exchange can regain ground.
Separately, Zhao was cleared of recent allegations after a federal court in Alabama granted a March motion to dismiss a 2024 complaint against Binance, Binance.US, and Zhao over claims linked to transfers to terrorist groups.