Binance co-founder Changpeng 'CZ' Zhao said rival crypto exchanges are worried that a pardon could pave the way for the exchange to re-enter the US market. The comment, made this week, adds a new layer to the ongoing speculation about a possible presidential pardon for the former CEO.
Why rival exchanges are worried
According to CZ, competitors see a potential Binance comeback as a direct threat. The exchange once dominated global spot trading volumes, and its return to the US would likely reignite fierce competition for market share. Rival firms have been quietly lobbying against any pardon, CZ claimed, fearing they'd lose the ground they gained after Binance's withdrawal.
The pardon question
CZ did not specify which pardon he was referring to, but the context points to a possible federal pardon related to his 2023 guilty plea on money laundering violations. A pardon would remove legal barriers that currently prevent him from holding an executive role at Binance and could clear the way for the exchange to reapply for US licenses. No pardon has been granted yet, and the White House has not commented on the matter.
Binance's US exit and what's next
Binance effectively exited the US market after settling with the Department of Justice and the Commodity Futures Trading Commission in late 2023. The company agreed to pay billions in penalties and to cease US operations. Since then, Binance has focused on markets outside the United States. CZ's latest remarks suggest that a return is at least being discussed internally. Whether a pardon materializes — and whether Binance actually attempts a re-entry — is the open question that now hangs over the industry.
