In his recently released memoir, Binance founder and former CEO Changpeng Zhao (CZ) claims that U.S. cryptocurrency exchanges spent millions of dollars on lobbying efforts to block his presidential pardon.
President Donald Trump pardoned Zhao in October 2025. CZ alleges that competitors feared his return would allow Binance to re-enter the U.S. market more aggressively. He wrote that friends told him these exchanges funded “smear articles” in major outlets, including The Wall Street Journal and Bloomberg, to influence the pardon process.
According to CZ, the lobbying campaign was driven by competitive concerns rather than regulatory principles. He noted that such actions ran counter to Trump’s stated goal of making America the “crypto capital of the world.”
In 2023, Zhao pleaded guilty to violating U.S. anti-money laundering laws by failing to implement adequate controls at Binance. He stepped down as CEO and was sentenced to four months in prison, a lighter penalty than many expected. CZ has repeatedly expressed surprise at receiving jail time, citing previous cases that resulted in deferred prosecution or home confinement.
Binance itself paid hundreds of thousands of dollars in lobbying fees to support the pardon effort, including $450,000 to a firm connected to Donald Trump Jr., according to Politico.
The memoir has reignited debates about regulatory fairness and competition in the U.S. crypto sector. CZ’s claims highlight ongoing tensions between Binance and domestic rivals, particularly Coinbase, which remains the dominant U.S.-based exchange.
Last month, Binance.US appointed former Currency.com CEO Stephen Gregory as its new chief executive, signaling renewed ambition to expand in the American market after restoring fiat deposits and withdrawals for U.S. customers.
The memoir includes positive endorsements from prominent figures in finance:
CZ’s allegations, while serious, remain unproven and reflect his perspective on the events surrounding his legal troubles and pardon. The book underscores the intense competition and political maneuvering within the crypto industry.
For investors, the key focus remains on how Binance.US positions itself in the U.S. market and whether renewed regulatory clarity under the current administration will benefit or hinder its growth.
