CEO of Binance reveals massive campaign by competitors to thwart presidential clemency bid for former US leader.

Table of Contents Changpeng Zhao says several U.S. crypto exchanges funded efforts to stop his presidential pardon, according to his memoir. He wrote that rivals feared Binance could return to the U.S. market after his legal case ended. Trump granted Zhao a pardon last October, after Zhao pleaded guilty in 2023 and left Binance’s top role. Zhao wrote that friends told him rival exchanges backed lobbying campaigns against his pardon. He said they feared stronger competition if Binance re-entered the United States. He wrote, “They paid millions in lobbying fees to block the pardon, in fear of business competition.” He also said those efforts clashed with Trump’s push to make “America the crypto capital.” Zhao also attacked media coverage tied to his legal case and pardon process. He called Wall Street Journal reports “false news” and Bloomberg stories “smear articles.” In 2023, Zhao pleaded guilty to failing to maintain adequate anti-money-laundering controls at Binance. He also stepped down as chief executive after the plea. Zhao wrote that prison time surprised him because earlier enforcement cases often ended with deferred prosecution or home confinement. He did not identify the exchanges that allegedly opposed the pardon. Politico reported that Binance spent hundreds of thousands of dollars while seeking Zhao’s pardon. The report said one firm received $450,000 for one month of work. Politico described that firm as run by “a hunting buddy of Donald Trump Jr.” Binance used outside lobbyists while Zhao pursued clemency. Zhao’s memoir also includes endorsements from BlackRock chief executive Larry Fink and Bridgewater founder Ray Dalio. Dalio praised Zhao for helping expand access to alternative forms of money. He wrote, “As a great admirer of CZ for his contributions to making alternative monies accessible.” The memoir presents those testimonials alongside Zhao’s account of legal and political pressure. Last month, Binance.US hired former Currency.com chief executive Stephen Gregory to lead the exchange. The company has said it wants a larger share of the U.S. market, where Coinbase leads. That appointment came about one year after Binance.US restored fiat deposits and withdrawals for U.S. customers. The company had paused those services due to regulatory pressure. Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.