Binance Boss Claims US Crypto Rivals Blocked Trump Pardon to Keep Him Out

Binance’s co-founder Changpeng “CZ” Zhao has dropped a bombshell: US crypto rivals actively opposed his pardon from former President Donald Trump, fearing Binance’s comeback in the US market. Zhao revealed this on the Crypto Banter podcast, saying, “The other crypto exchanges in the US don’t want me to get a pardon.”

This political pushback reportedly came after Zhao served a four-month prison sentence in 2024 for violating US anti-money-laundering laws—a conviction tied to Binance’s failure to comply with the Bank Secrecy Act and other regulations. Binance had exited the US market in November 2023 following a massive $4.3 billion settlement with the government, which also cited violations of the International Emergency Economic Powers Act and operating without proper registration.

Despite Zhao’s prison term ending in September 2024, Trump only granted the pardon a year later in October 2025. Notably, Binance.US had already resumed operations for eligible users in February 2025, months before the pardon. This timing underscores that the pardon was a personal legal reprieve for Zhao, while Binance.US was independently working to regain its US foothold under a separate structure.

In a November 2025 interview with 60 Minutes, Trump claimed ignorance about Zhao but said he was told Zhao was the victim of a “witch hunt” by the Biden administration. Zhao admits he lacks concrete proof of rival lobbying but is “pretty confident” it happened.

This episode exposes how US crypto market access is not just about consumer demand or product quality. It’s entangled with legal battles, regulatory scrutiny, lobbying by established players, and political interference. Binance remains one of the world’s largest crypto exchanges, but its US presence is still constrained by this complex web of enforcement and competition.

Adding to Binance’s recent legal woes, a federal court in Alabama dismissed a 2024 complaint accusing Zhao and Binance entities of facilitating transfers to terrorist groups, clearing the way for the company to focus on rebuilding.

The Binance saga reveals a crypto landscape where power struggles and political gamesmanship can determine who thrives or gets shut out in the US market. Zhao’s story is a stark reminder that in today’s crypto world, legal compliance, political favors, and competitive lobbying matter as much as innovation.