CZ Claims Rival Crypto Exchanges Opposed His US Pardon Bid

Binance co-founder Changpeng “CZ” Zhao says competing crypto exchanges in the United States may have worked against efforts to secure his presidential pardon, believing his return could strengthen Binance’s position in the market.

CZ Says Crypto Rivals Resisted Pardon Efforts

Speaking during a recent podcast interview, Zhao said he believed some US-based crypto exchanges pushed back against the idea of him receiving a pardon from President Donald Trump.

According to Zhao, rival firms were concerned that a pardon could help Binance rebuild its presence in the United States after the company’s high-profile exit from the market in 2023.

Although Zhao said he had no direct proof, he claimed there was likely resistance from competitors who did not want Binance re-entering the US crypto sector.

Binance Faced Major US Legal Settlement

Binance left the US market following a $4.3 billion settlement with American authorities in November 2023. Regulators accused the exchange of violating anti-money-laundering laws, sanctions requirements, and failing to register properly as a money-transmitting business.

Zhao later served a four-month prison sentence in 2024 after pleading guilty to anti-money-laundering violations.

President Donald Trump officially pardoned Zhao in October 2025, more than a year after he completed his sentence.

Binance.US Returned Before Pardon

Binance.US resumed services for eligible American users in February 2025, months before Zhao received the pardon.

In recent comments, Zhao also spoke about the future of blockchain, saying he hopes cryptocurrency technology becomes so integrated into daily life that people stop talking about it as a separate industry, similar to how the internet functions today.