CZ Says Rivals Feared Binance Return After His Pardon

Quick Summary

Changpeng “CZ” Zhao says rival U.S. crypto exchanges opposed his presidential pardon because they feared Binance could regain influence in the American market. The claim appears in Zhao’s memoir and remains unproven. Reporting so far shows that Zhao based part of the allegation on what “friends told” him, not on public documents proving rival misconduct. At the same time, Binance’s own lobbying around the pardon also deserves attention, making this less of a simple rivalry story and more of a window into how crypto exchange competition now moves through Washington, media pressure, regulation, and market access.

Market note: This article is for news and analysis only. It is not financial advice. BNB and exchange-linked crypto assets remain volatile.

CZ’s Claim and What Remains Unproven

Zhao’s claim is direct but sensitive. In his memoir, the Binance founder says U.S. crypto exchanges “paid millions in lobbying fees to block” his pardon because they feared Binance could re-enter the U.S. market. He also wrote that friends told him some negative media coverage was funded by U.S. crypto exchanges.

The important detail is the evidence standard. Public reporting does not show Zhao naming specific firms or presenting documents that prove rival exchanges funded lobbying or media campaigns against him. For Crypnot readers, the cleanest reading is this: CZ made a serious allegation, but it should be treated as his claim unless more evidence appears.

That distinction matters. A news article can report what Zhao said, but it should not turn the allegation into confirmed misconduct by unnamed competitors.

Why the Pardon Matters for Binance

President Donald Trump pardoned Zhao in October 2025. Zhao had previously pleaded guilty in 2023 to violating the Bank Secrecy Act, stepped down as Binance CEO, paid a $50 million fine, and served four months in prison. Binance separately paid a $4.3 billion settlement with the U.S. government.

The pardon reduced one major legal overhang around Zhao, but it did not automatically restore Binance’s U.S. position. Binance still faces regulatory, compliance, licensing, banking, and reputational barriers in the American market.

That is why the story matters. The pardon changes perception around CZ, but it does not erase Binance’s past compliance failures or guarantee a clean U.S. comeback.

The Battle for U.S. Crypto Liquidity

The real fight is not only about Zhao’s personal legal status. It is about access to U.S. liquidity.

Binance remains one of the most powerful crypto exchange brands globally. If Binance or Binance.US regained stronger footing in the U.S., domestic exchanges could face pressure on fees, liquidity, listings, and user acquisition. That is the competitive concern behind Zhao’s claim.

U.S. market access is valuable because it brings institutional volume, regulated product demand, banking relationships, and higher-quality fiat rails. Exchanges that control that market have a major advantage. Binance’s global brand makes any possible U.S. recovery relevant, even if the process remains legally and operationally difficult.

Lobbying Disclosure Breakdown

Zhao’s memoir points at alleged lobbying by rivals, but Binance’s own lobbying also belongs in the article.

Reports citing Politico said Binance and Zhao’s legal team made a costly Washington push before the pardon. Binance reportedly hired Ches McDowell, a close associate of Donald Trump Jr., and his firm Checkmate Government Relations to lobby the White House and Treasury Department on “executive relief.” Checkmate reportedly received $450,000 for one month’s work.

Other reporting put Binance’s broader lobbying spend around the pardon effort at $860,000, including the $450,000 paid to Checkmate and additional legal or lobbying fees.

That does not prove wrongdoing. Lobbying is legal and common in Washington. But it does make the story more balanced. The pardon fight was not happening outside politics. Binance was also actively using the political system to improve Zhao’s position.

Media Allegations Require Caution

Zhao also criticized coverage from The Wall Street Journal and Bloomberg, describing some reports as false or smear-like. The safest way to report that is to say Zhao criticized the coverage and alleged rival influence, while making clear that public evidence has not proven those media-related claims.

This matters for editorial trust. The Wall Street Journal and Bloomberg are major news institutions. Without documents, filings, or direct evidence, Crypnot should not suggest that either outlet published paid or coordinated content.

The responsible framing is simple: Zhao made the claim; the claim remains unverified; no specific rival exchange should be named without public evidence.

Market Impact BNB Holds Near the $640 Zone Despite Memoir Noise

BNB’s price action has been more stable than the headline cycle around Zhao’s memoir might suggest. Recent market updates showed BNB holding near the low-to-mid $630s, with traders watching the $620–$630 support area and the $640 zone as a key resistance level.

That resilience matters because BNB did not appear to price in the memoir as a major direct risk event. Traders seem to be separating the political story around Zhao from BNB’s main market drivers, including BNB Chain activity, Binance ecosystem relevance, broader altcoin liquidity, and token supply mechanics.

The most important token-specific event near the same period was BNB Chain’s 35th quarterly burn. BNB Chain removed 1,569,307.34 BNB from circulation in April 2026, reducing total supply to roughly 134.8 million BNB. Multiple reports placed the value of the burn near $1 billion at the time.

That burn gives BNB a scarcity narrative that is separate from the CZ memoir story. It does not guarantee upside, but it helps explain why BNB remained supported while traders debated Binance-related political headlines.

The key market zone remains clear. A clean break above $640 would suggest buyers are willing to look past the controversy. A loss of the $620 area would weaken the short-term setup and put BNB back under broader altcoin pressure.

What a Binance Comeback Could Mean

A stronger Binance return to the U.S. would be a major competitive event, but it would not happen overnight.

The company would need regulatory comfort, stronger compliance controls, banking access, licensing clarity, and market trust. The pardon may improve Zhao’s personal position, but Binance’s operating path still depends on institutions and regulators that are not controlled by Zhao.

If Binance does regain ground, U.S. exchanges could face more pressure around liquidity and pricing. Binance has historically competed aggressively on fees, listings, depth, and user experience. Even without Zhao returning as CEO, his public role still influences the brand.

The risk for Binance is that U.S. regulators may continue to treat the exchange cautiously because of its prior settlement and compliance history.

What the Pardon Does Not Change

The pardon does not remove Binance’s past enforcement record. It does not undo the $4.3 billion settlement. It does not erase Zhao’s guilty plea. It also does not automatically give Binance new licenses, banking access, or regulatory approvals in the U.S.

This is why the story should not be treated as “Binance is back.” A more accurate reading is that Zhao’s legal position has improved, while Binance’s U.S. future remains a regulatory and business question.

That difference matters for investors, users, and competitors.

Research Desk Take

CZ’s claim is newsworthy, but not fully evidenced.

The stronger takeaway is that Binance still carries enough market power to worry competitors, even after years of regulatory pressure. Zhao’s pardon makes that conversation louder, but it does not settle the bigger issue: whether Binance can rebuild meaningful U.S. access without triggering another regulatory fight.

The lobbying angle cuts both ways. Zhao says rivals worked against him. Reports also show Binance made its own political push. That makes this a story about crypto’s shift into traditional power channels: lobbying firms, policy access, media narratives, legal strategy, and market positioning.

For Crypnot readers, the practical point is clear. Watch what Binance does next, not only what CZ says.

What to Watch Next

The next development to watch is whether Zhao releases evidence or names specific firms. Without that, the allegation remains difficult to verify.

Also watch whether any U.S. exchange responds publicly, whether new lobbying disclosures appear, and whether Binance.US shows signs of a more aggressive rebuild through leadership changes, licensing moves, product expansion, or renewed marketing.

BNB also deserves attention. If BNB holds the $620–$630 support zone and breaks through $640, traders may treat the controversy as background noise. If it loses support, the market may decide Binance-linked assets are still vulnerable to broader altcoin weakness.

1. What did CZ say about his pardon?
   CZ says rival U.S. crypto exchanges paid millions in lobbying fees to block his pardon because they feared Binance could return stronger in the U.S. market.
2. Is CZ’s claim proven?
   No. Public reporting says Zhao based part of the claim on what friends told him, and no public documents have confirmed rival misconduct.
3. Did Binance also lobby for the pardon?
   Yes. Reports citing Politico said Binance hired lobbying support connected to Trump’s circle, including Checkmate Government Relations, which reportedly received $450,000 for one month’s work.
4. Why would rivals fear Binance?
   Binance has global scale, deep liquidity, and strong brand recognition. A stronger U.S. return could increase pressure on domestic exchanges.
5. How did BNB react to the memoir story?
   BNB remained relatively resilient near the $630–$640 area, with traders watching $620–$630 support and $640 resistance after the memoir headlines.

Disclaimer

This content is for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. Cryptocurrency markets are volatile. Always do your own research and consult a qualified professional before making financial decisions.

Author

Research Desk

The Crypnot Research Desk is the primary intelligence arm of Crypnot.com. Comprised of a global team of specialized analysts, the Desk focuses on real-time market pulse, on-chain data verification, and regulatory policy. By operating as a unified research unit, we ensure every report undergoes a multi-layer editorial review to provide objective, high-signal intelligence for the 2026 on-chain economy.