Changpeng Zhao, better known as CZ, is one of the most recognised figures in crypto. As the founder of Binance, he transformed the exchange from a startup in 2017 into the world’s largest trading platform within months.
Binance stood out with its low fees, fast token listings, and accessible design that attracted users from across the globe.
Yet its success came with a cost: regulatory scrutiny, lawsuits, and criminal investigations that culminated in CZ stepping down in late 2023. Now, following a presidential pardon, speculation is growing that his comeback might reshape the crypto scene once again.
CZ’s Pardon and the Possibility of a U.S. Return
The presidential pardon for CZ has reignited discussions across the industry. Many now wonder whether Binance could return to the United States market, which would have major implications for trading and liquidity worldwide.
Hours after the announcement, CZ posted on X saying, “Will do everything we can to help make America the capital of crypto and advance Web3 worldwide.”
This message quickly stirred optimism among traders and analysts. If Binance were to resume operations in the U.S., it could restore access for American retail traders to the main global exchange, which offers deeper liquidity, more trading pairs, and a much larger range of products compared to Binance U.S.
In 2019, Binance launched Binance.US to comply with American regulations through BAM Trading Services. However, the platform lacked the capabilities and liquidity of its international counterpart, leaving U.S. traders with limited access.
During a press briefing on Thursday, President Trump explained that CZ’s pardon followed recommendations from several figures in the crypto sector.
He stated that Zhao had been “unfairly targeted by the previous administration,” saying, “A lot of people say that he wasn’t guilty of anything. He served four months in jail, and they say that he was not guilty of anything.”
This sentiment mirrors that of many in the industry who see CZ as a visionary caught in a clash between innovation and regulation. Yet his legal history remains complicated, and the idea of a complete comeback continues to divide opinion among observers.
Legal Background and Political Reactions
The path leading to CZ’s pardon was marked by significant legal challenges. In 2023, U.S. prosecutors accused Binance of violating the Bank Secrecy Act and knowingly enabling users from sanctioned countries to trade on its platform.
According to court filings, internal chats revealed that some employees discussed how to mislabel users to bypass compliance checks.
In one conversation, CZ was quoted as saying, “We cannot say they are U.S. users, and we want to help them. We say we mis-categorised them as U.S. users, but actually they are not.”
Authorities also alleged that Binance had processed funds tied to illicit activities, including $106 million from the darknet marketplace Hydra and $275 million from the mixing service BestMixer.
These accusations suggested that senior executives, including Zhao, were aware of these transactions. As a result, Binance agreed to pay billions in fines, and CZ served four months in prison after pleading guilty to money-laundering violations.
Reports from Bloomberg and the Wall Street Journal indicated that Zhao’s legal team had begun lobbying for a pardon as early as May 2025. Now that it has been granted, it potentially opens the door for both Zhao and Binance to re-establish themselves in the U.S.
If Binance were also to receive official permission to operate again, it could follow a path similar to BitMEX, which regained its footing after settling with regulators earlier this year.
However, not all reactions have been positive. Senator Elizabeth Warren, the leading Democrat on the Senate Banking Committee, criticised the pardon strongly. She said, “First, Changpeng Zhao pleaded guilty to a criminal money laundering charge.
Then he boosted one of Donald Trump’s crypto ventures and lobbied for a pardon. Today, Donald Trump did his part and pardoned him.
If Congress does not stop this kind of corruption in pending market structure legislation, it owns this lawlessness.”
Binance responded with enthusiasm to the pardon. A company spokesperson said, “Incredible news of CZ’s pardon today.
We thank President Trump for his leadership and his commitment to make the U.S. the crypto capital of the world. CZ’s vision not only made Binance the world’s largest crypto exchange but also shaped the broader crypto movement.
Binance remains focused on building a secure, transparent, and user-first platform that reduces fees and increases access to the financial system for all.”
This reaction highlights Binance’s desire to move forward and rebuild its reputation. The company’s tone suggests that it sees this moment as a chance to turn the page and restore trust, particularly among U.S. regulators and investors.
Conclusion
CZ’s pardon has revived debates about leadership, accountability, and the balance between innovation and regulation in crypto. For many, it represents redemption and the possible return of a key industry figure.
For others, it raises concerns about political influence and justice. Whether or not Binance manages to fully re-enter the U.S. market, CZ’s influence remains significant.
His next moves could once again shift how global exchanges and regulators interact, marking another turning point in the history of digital finance.