Why did Changpeng Zhao say rival exchanges opposed his pardon?

Changpeng Zhao said some US-based crypto exchanges feared a presidential pardon could help Binance eventually return to the American market. Zhao claimed competitors lobbied against him because Binance remains one of the world’s largest crypto exchanges.

Why was CZ sentenced to prison in the United States?

Zhao served a four-month prison sentence in 2024 after Binance agreed to a $4.3 billion settlement with US authorities. The case involved anti-money-laundering violations, sanctions breaches and failures related to US financial compliance laws.

Why did Donald Trump pardon CZ?

Donald Trump pardoned Zhao in October 2025 after Zhao completed his sentence. Trump later said he was told Zhao had been treated unfairly during the regulatory crackdown under the previous administration.

Did Binance return to the US market after CZ’s pardon?

Binance.US resumed operations for eligible American users in February 2025 following Zhao’s pardon. However, Binance’s broader long-term US strategy remains uncertain after years of regulatory pressure.

Why would rival exchanges fear Binance returning to the US?

Binance previously dominated global crypto trading volumes and competed aggressively on fees and liquidity. A stronger Binance presence in the US could increase pressure on domestic exchanges competing for market share and institutional clients.

Did CZ provide evidence that rivals lobbied against him?

No, Zhao admitted he did not have direct evidence proving coordinated opposition from competitors. He said he was “pretty confident” there had been pushback from rival exchanges but acknowledged it was based on his own perception.

What happened in Binance’s $4.3 billion settlement?

Binance agreed to pay billions in penalties to settle allegations involving violations of the Bank Secrecy Act and sanctions rules. The settlement also required major compliance reforms and led to Zhao stepping down as chief executive.

How important is the US market for Binance?

The United States remains one of the world’s largest and most influential crypto markets despite strict regulation. Rebuilding a stronger US presence could help Binance regain institutional credibility and access to American users.

CZ says rivals opposed Binance US return

Written by Liezl GambePublished May. 11 2026Last Updated May. 11 2026

Changpeng Zhao said rival US crypto exchanges lobbied against his presidential pardon because they feared Binance could eventually re-enter the American market.

Zhao told the Crypto Banter podcast he was initially not confident that US President Donald Trump would pardon him after serving a four-month prison sentence in 2024 for anti-money-laundering violations.

“You never know because we actually had very strong anti-lobbying from some of our perceived competitors in the US,”

Zhao said.

Trump pardoned Zhao in October 2025, more than a year after the former Binance chief completed his prison sentence linked to violations of the Bank Secrecy Act and the International Emergency Economic Powers Act.

Zhao argued that competing exchanges were worried a pardon could eventually clear the path for Binance to rebuild its US operations after the company exited the market in November 2023 as part of a $4.3 billion settlement with US authorities.

Binance.US resumed operations for eligible US users in February 2025 following Zhao’s pardon, although Zhao said he had no direct evidence proving rival exchanges actively coordinated opposition against him.

The comments followed a March court decision dismissing a lawsuit accusing Binance, Binance.US and Zhao of facilitating transfers linked to terrorist organisations, while Zhao separately predicted cryptocurrencies could become invisible infrastructure similar to the internet by 2031.