Crypto industry executives and analysts are assessing whether Binance, the largest cryptocurrency exchange globally by trading volume, will return to the US after the pardon granted to its founder, Changpeng “CZ” Zhao, by President Donald Trump on Thursday.
“We will do everything we can to ensure America becomes the capital of cryptocurrency and advance Web3 worldwide,” CZ stated in a post on X after receiving the pardon.
In recent days, CZ also updated his X biography from “ex-Binance” to simply “Binance,” intensifying speculation about his return to Binance and the exchange’s plans to re-enter the US market, as reported by Bloomberg.
CZ on X
Source: CZ
“CZ’s pardon is not just a pivotal moment, but it also has implications for BNB and potentially for Binance, ensuring better access to the US market,” highlighted David Namdar, CEO of BNB Network Company, in a post on X.
Namdar informed Cointelegraph that despite its price resilience through various market cycles, BNB has often been overlooked by Western investors and noted its recent rally to all-time highs in October.
Source: David Namdar
The prospective return of Binance to the United States may provide domestic retail traders access to the world’s largest centralized crypto exchange, potentially leading to increased trading volumes and rising asset prices.
In 2019, Binance established a separate entity named Binance.US to cater to US residents while adhering to regulatory requirements. The US platform does not access the liquidity or cryptocurrency derivatives of the global exchange and is managed by BAM Trading Services.
Division Among US Lawmakers Regarding the CZ Pardon
Trump informed reporters that CZ was recommended for a pardon by “a lot of people” from the cryptocurrency industry and mentioned that he faced “persecution” from the Biden administration.
“Many believe that he was innocent of any wrongdoing. He spent four months in jail, and they consider him not guilty of anything,” Trump remarked.
Donald Trump Press Conference
Source: The White House
Nevertheless, several US lawmakers, including notable Democrats like Representative Maxine Waters of California and Senator Elizabeth Warren of Massachusetts, criticized the pardon.
Waters asserted that the pardon indicates corrupt mechanics and suggests that the crypto industry wields influence over Trump, which can be read in her official statement.
In response to criticism, CZ challenged Warren on social media, claiming she incorrectly stated that he pleaded guilty to money laundering charges. Zhao admitted guilt to a single felony count of breaking the US Bank Secrecy Act by failing to maintain an effective Anti-Money Laundering (AML) program at Binance, which resulted in his four-month prison sentence in April 2024.
