Binance CEO Claims U.S. Rivals Sabotaged His Pardon Bid Amid Legal Battles

Changpeng Zhao, the CEO of Binance, recently revealed that his efforts to secure a presidential pardon have been stymied by aggressive lobbying from U.S. rivals. Speaking in an interview, Zhao expressed doubt about receiving a pardon despite having served a four-month prison sentence that ended in September 2024. This admission exposes the fierce corporate and political battles playing out behind the scenes as crypto firms vie for legitimacy and survival in a hostile regulatory environment.

Binance.US, the American branch of the world’s largest cryptocurrency exchange, was forced to exit the U.S. market in 2023 after failing to properly register as a money transmitter. The company only partially resumed operations in February 2025, underscoring the difficult path Binance faces in rebuilding trust with regulators and users alike. Zhao’s comments suggest that these struggles are compounded by active efforts from competitors to block his legal reprieve, weaponizing the pardon process as a tool for market dominance.

Legal scrutiny of Binance continues beyond regulatory registration issues. In March 2024, a federal court in Alabama dismissed a complaint accusing Binance and Zhao of facilitating transfers to terrorist organizations. While the dismissal did not address the substance of the allegations, it highlights the ongoing legal complexities Binance must navigate as it operates across borders and legal systems.

Zhao remains bullish on the future of cryptocurrencies, comparing their potential integration into daily life to the rise of the internet. He argues that crypto infrastructure must become compliant and embedded in everyday systems to drive broader adoption and recalibrate market risk. However, his public struggle for a pardon and Binance’s regulatory troubles reveal the high stakes involved in that vision.

This saga fits a larger pattern of how political influence and corporate rivalry intersect in the crypto space, with legal tools and presidential pardons becoming weapons in a fight for control. For a sector that promises decentralization, Binance’s fight to clear its name and return to the U.S. market shows how centralized power—whether government or corporate—still shapes the future of crypto.

At Only Clowns Are Orange, we will keep tracking these developments to hold powerful interests accountable for how they use the law and politics to shape markets and silence rivals.