After Zhao Changpeng's "exemption," he spoke out: "We want to make the United States the capital of cryptocurrency." Binance aims to reclaim the U.S. market.

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Receiving a pardon from Trump has cleared legal obstacles for Binance co-founder Changpeng Zhao. More importantly, it has reignited the ambition of the world’s largest cryptocurrency exchange to conquer the U.S. market.

Just hours after U.S. President Trump issued the pardon, Binance co-founder and billionaire Changpeng Zhao posted a letter of gratitude from an airplane. He wrote on social platform X:

"Deeply grateful for today’s pardon, and I thank President Trump for upholding America’s commitment to fairness, innovation, and justice. We will do everything we can to help the U.S. become the capital of cryptocurrency and promote the global development of web3."

The issuing of this pardon comes nearly two years after Zhao admitted to failing to effectively prevent money laundering and resigned as CEO of Binance. After the news broke, Binance’s native token BNB, tied to its ecosystem, soared by as much as 8% on Thursday.

The White House, meanwhile, is facing external scrutiny. When asked on Thursday whether the pardon amounted to a corrupt deal, White House spokeswoman Karoline Leavitt responded that the decision had gone through a "thorough review" by White House lawyers. Previously, Binance had assisted a Trump-affiliated company in launching a stablecoin project, drawing criticism from Democrats who saw the pardon as yet another example of expanding conflicts of interest.

Trump’s Pardon Reignites Zhao Changpeng’s U.S. Ambitions

Trump’s pardon has opened the door for Zhao to re-engage in Binance’s operations. "Presidential pardons have quite broad effects," said Jonathan Groth, partner at DGIM Law:

"This appears to mean that Zhao Changpeng can now re-engage and be more involved with Binance, its subsidiaries, and other businesses."

Industry observers believe that, although regulatory hurdles remain, the pardon could pave the way for Binance to consolidate its U.S. business. Currently, Binance’s U.S. affiliate, Binance.US, operates on a limited scale and is structurally independent from the global exchange.

According to media reports, Binance is considering a series of strategic options, including integrating Binance.US into its global business, or allowing its global exchange direct entry into the U.S. market. Markus Thielen, CEO of 10x Research, said:

"This round of the crypto cycle is largely driven by U.S. institutional investors and investment products, which is precisely the area Binance can now shift its focus to."

He added that Binance’s U.S. subsidiary "will very likely be reintegrated into the global Binance ecosystem, allowing U.S. investors to directly enjoy the platform’s deep liquidity and comprehensive derivatives services."

"Less than 1% U.S. Market Share" — Binance Faces Coinbase Challenge Head-On

Despite its ambition, the U.S. market remains a huge challenge for Binance. Here, Zhao is only a shareholder of Binance.US, which has its own independent leadership and staff, and U.S. investors are forbidden from trading in its global markets.

Data clearly reveals Binance’s marginal position in the U.S. market. According to analytics firm Kaiko, Binance handles nearly 50% of Bitcoin trading globally; in contrast, Binance.US has a market share of less than 1%. In the U.S., Coinbase Global Inc. enjoys a dominant status similar to that of Binance in other parts of the world. Clear Street analyst Owen Lau stated:

"Coinbase has the first-mover advantage in the U.S. and is a trusted platform."

However, Binance is known for undermining competitors through aggressive pricing and promotional strategies. Patrick Horsman, CIO of digital asset fund manager Applied DNA Sciences, believes that with its technology, liquidity, and relatively low fees, Binance will become a "powerful dominant force in the U.S. crypto market." Nevertheless, Binance is not without its own weaknesses. During the recent crypto selloff, the exchange suffered technical issues, resulting in billions in forced liquidations and necessitating compensation for some users.

Zhao Changpeng’s Global Strategy and Signs of a Comeback

Since his release in September 2024, Zhao Changpeng has been actively building political capital and paving the way for a comeback. He has met with leaders such as Malaysian Prime Minister Anwar Ibrahim, joined blockchain advisory committees in Kyrgyzstan and Pakistan, and actively promoted cryptocurrency adoption in places like Dubai and Islamabad.

On a personal level, signs of a comeback are growing clearer. In recent weeks, he quietly changed his X profile from "former Binance member" to "@Binance," a subtle move that has sparked speculation about his possible return to a leadership position. Five months ago, at a conference in Dubai, the 48-year-old Zhao said, "I’m still young, I can’t play golf all day, you have to do something." He revealed that he has eight to ten meetings a day.

However, not everyone thinks he desires to retake the CEO role. David Namdar, head of a BNB fund management firm backed by Zhao’s family office, said:

"I think his burdens are lighter when he’s not running the exchange. I’d be surprised if he gets back into operations."

Pardon Clears Global Expansion Obstacles

The impact of this pardon goes beyond the U.S. market — it may also unlock new avenues for Binance’s global expansion. The company holds minority stakes in affiliates in Asian countries such as Thailand and Malaysia, where regulatory regimes mandate ownership suitability tests for major shareholders. Chris Holland, a partner at Singapore consulting firm HM, stated:

"A criminal conviction may pose an obstacle to anyone seeking to hold a beneficial ownership stake in a regulated or listed company."

The positive effects of the pardon are already apparent. Last week, after more than two years of review, Korean authorities approved Binance’s acquisition of local exchange GOPAX, clearing the way for its return to one of Asia’s most active markets.

Cosmo Jiang, general partner at Pantera, said he expects Zhao to be "much more involved in Binance’s operations" after his pardon. He added:

"Whenever a founder returns to the company, it’s always an inspiring moment — you typically see more growth and better execution."

Risk Warning and DisclaimerMarkets are risky; investments should be made with caution. This article does not constitute personal investment advice and has not taken into account individual users’ specific investment objectives, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article fit their own circumstances. Investments made based on this article are at your own risk. ```