CZ Zhao Says US Rival Crypto Exchanges Opposed His Trump Pardon Bid

Binance co-founder Changpeng “CZ” Zhao said rival crypto exchanges in the United States opposed his pardon request, telling Ran Neuner on the Crypto Banter podcast published to YouTube on Saturday, “The other crypto exchanges in the US don't want me to get a pardon.”

“CZ says crypto exchange rivals opposed his pardon bid Binance co-founder Changpeng “CZ” Zhao said rival crypto exchanges were concerned a pardon could pave the way for Binance to return to the US market”

Cointelegraph

Zhao said he was not “very confident” he would be pardoned by US President Donald Trump after serving a four-month prison sentence in 2024 for violating US anti-money-laundering laws.

Cointelegraph

Zhao framed the pardon as a political and legal chess game, saying the outcome hinged on contested lobbying dynamics inside Washington, and he completed his sentence in September 2024.

He also said the departure followed a $4.3 billion settlement with Binance and the US government over violations of the Bank Secrecy Act (BSA) and the International Emergency Economic Powers Act (IEEPA), as well as failure to register as a money transmitting business.

Zhao told Crypto Banter that Binance.US resumed operations roughly four months after pardon, while Trump granted clemency in October 2025.

Zhao said he believed there had been pushback from competitors but admitted he had no concrete evidence, telling Neuner, “I don't have concrete evidence of any of it,” while also saying he was “pretty confident there was pushback.”

In the same Crypto Banter discussion, Zhao pointed to “very strong anti-lobbying from some of our perceived competitors in the US,” arguing that rivals were concerned about Binance re-entering the US market after its exit in November 2023.

crypto.news

The reporting also tied the pardon debate to court outcomes, including a federal court in Alabama granting a motion in March to dismiss a 2024 complaint filed against Binance, Binance.US, and Zhao over allegations that the entities facilitated transfers to terrorist groups.

Crypto.news added that Zhao pleaded guilty in 2023 to failing to maintain an effective anti-money-laundering program and that Binance reached a $4.3 billion settlement with U.S. authorities over violations linked to sanctions and money-transmission rules.

Separately, the Currency analytics outlet asserted that “Rival crypto exchanges fought hard to kill his pardon bid,” framing the opposition as a bid to keep Binance out of the U.S. market.

Zhao’s remarks came as Binance navigated a patchwork of U.S. regulatory expectations, with Binance.US partially resuming operations in February 2025 after the 2023 exit tied to failure to register adequately as a money transmitter and broader AML controls.

“CZ Claims Rivals Blocked His Pardon Efforts - Legal Challenges and Pardon Dynamics: Changpeng Zhao stated in a recent interview that despite completing a four-month prison term in September 2024, he is not 'very confident' about receiving a pardon due to strong lobbying from U”

Intellectia AI

The Currency analytics outlet said the blocked pardon was a “real setback” because “Binance has been locked out of the U.S. market for a while now,” while also noting that Binance.US exists but operates separately and faces its own regulatory headaches.

Looking ahead, Zhao told Scott Melker on the Wolf of All Streets podcast that he hopes cryptocurrencies and blockchain will become an invisible part of daily infrastructure by 2031, saying, “I'm hoping that we don't talk about crypto as crypto in five years.”

Crypto.news reported that Trump said he did not personally know Zhao before granting the pardon, and that Trump said others told him Zhao had been treated unfairly during the Biden administration’s crypto crackdown.

The legal backdrop included Reuters reporting that a judge found plaintiffs did not plausibly show culpable involvement or intent by Binance or Zhao, and a separate Alabama court dismissed key claims against Binance, Binance.US, and Zhao while plaintiffs were given room to amend parts of the complaint.