Binance co-founder Changpeng “CZ” Zhao has alleged that rival cryptocurrency exchanges in the United States actively lobbied against his presidential pardon, fearing it would clear the path for Binance’s return to the American market. Zhao made the remarks during a recent appearance on the Crypto Banter podcast.
Zhao’s allegations of industry pushback
Speaking to host Ran Neuner, Zhao said he was not initially confident he would receive a pardon from President Donald Trump, citing what he described as significant opposition from within the crypto industry. “You never know because we actually had very strong anti-lobbying from some of our perceived competitors in the US,” Zhao said. “The other crypto exchanges in the US don’t want me to get a pardon,” he added, arguing that they were concerned about Binance re-entering the US market.
Zhao acknowledged he lacked concrete evidence of the lobbying efforts but expressed confidence that the pushback occurred. “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 push back,” he said.
Background: Binance’s exit and the pardon
Binance exited the US market in November 2023 following a landmark $4.3 billion settlement with the US government. The settlement resolved allegations that Binance violated the Bank Secrecy Act (BSA) and the International Emergency Economic Powers Act (IEEPA), and failed to register as a money transmitting business. Zhao himself served a four-month prison sentence in 2024 for violating US anti-money-laundering laws.
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President Donald Trump pardoned Zhao in October 2025, more than a year after Zhao completed his prison term. In a subsequent interview with 60 Minutes, Trump said he had “no idea who he is” but was told Zhao was a victim of a “witch hunt” by the Biden administration. Notably, Binance.US had already resumed operations for eligible US users in February 2025, months before the pardon was granted.
Legal clarity and future outlook
Zhao’s legal situation has continued to improve. In March 2026, a federal court in Alabama dismissed a 2024 complaint filed against Binance, Binance.US, and Zhao that alleged the exchange facilitated transferring funds to terrorist groups. The dismissal marked another step in Zhao’s return to public life.
Looking ahead, Zhao has expressed a vision for the future of crypto that moves beyond the industry’s current identity. In a separate podcast appearance, he said he hopes cryptocurrencies and blockchain will become an invisible part of daily infrastructure by 2031, much like the internet today. “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, we don’t talk about TCP/IP, we don’t talk about HTML, JavaScript, etc,” Zhao said.
Why this matters
Zhao’s allegations shed light on the competitive dynamics within the US crypto exchange market, where major players have long vied for dominance. If Binance were to re-enter the US market in a meaningful way, it would likely disrupt the current environment, potentially pressuring incumbents on fees, liquidity, and market share. The claims also highlight the ongoing tension between regulatory compliance and industry competition, a theme that continues to shape the crypto sector.
Conclusion
While Zhao’s claims of industry lobbying remain unsubstantiated, they reflect the high-stakes environment surrounding regulatory outcomes in the crypto space. The pardon has already allowed Zhao to resume his public role, and Binance.US’s operational return signals the company’s intent to rebuild its presence in the US. Whether rival exchanges indeed mounted a campaign against his pardon may never be fully confirmed, but the story underscores the deep strategic rivalries that define the crypto industry.
FAQs
Q1: Why did Binance leave the US market in 2023?
Binance exited the US market in November 2023 after reaching a $4.3 billion settlement with the US government over violations of anti-money-laundering laws and sanctions regulations. The settlement resolved charges related to the Bank Secrecy Act and the International Emergency Economic Powers Act.
Q2: When was CZ pardoned by President Trump?
Changpeng Zhao was pardoned by President Donald Trump in October 2025, more than a year after completing a four-month prison sentence for violating US anti-money-laundering laws.
Q3: Has Binance.US resumed operations?
Yes, Binance.US resumed operations for eligible US users in February 2025, several months before Zhao’s pardon was granted.
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