CZ’s Pardon Fuels Speculation on Binance US Return

The presidential pardon for Changpeng Zhao, known throughout the crypto industry as CZ, represents a pivotal moment for Binance’s strategic positioning in the United States. According to Bloomberg, the company is actively exploring several options, including the possibility of integrating Binance.US into its global operations or having its global exchange enter the US market directly. This development comes at a crucial time when, as Markus Thielen, CEO of 10x Research, notes, ‘This cycle is largely being driven by U.S. institutional investors and investment products, and that’s precisely where Binance can now shift its focus.’

The potential reintegration of Binance’s US affiliate into its global ecosystem could provide American investors with direct access to the platform’s ‘deep liquidity and comprehensive derivatives offerings,’ according to Thielen. Patrick Horsman, chief investment officer of digital asset treasury firm Applied DNA Sciences, which invests in Binance Coin (BNB), emphasized that Binance’s technology, liquidity, and relatively low fees could position it as a dominant player in the American crypto market if regulatory barriers are overcome.

Attention has sharply focused on whether Zhao will attempt to reclaim the CEO role he previously stepped away from, with recent weeks bringing subtle but significant clues about his intentions. His profile update on social media platform X from ‘ex-Binance’ to simply ‘@Binance’ has fueled speculation about an impending return to active leadership. Cosmo Jiang, general partner at Pantera, anticipates that Zhao will become ‘more involved with Binance’s operations’ following the pardon, noting that ‘whenever a founder returns to a company, it’s always an invigorating moment; you typically see more growth and better execution.’

However, not all industry observers share this perspective. David Namdar, who manages a BNB treasury company backed by Zhao’s family office, commented, ‘I think he is operating with more of a weight off his shoulders not running the exchange. I’d be surprised if he stepped back into that role.’ This division among experts reflects the complex calculus Zhao faces in determining his future involvement with the exchange he co-founded.

The presidential pardon may unlock opportunities far beyond the United States, particularly in Asian markets where Binance holds minority stakes in affiliates throughout Thailand and Malaysia. As Chris Holland, a partner at HM consulting firm based in Singapore, explained, ‘A criminal conviction can pose a barrier for any individual seeking a beneficial ownership stake in a regulated or listed company.’ These markets impose ownership suitability tests on major shareholders, and the pardon potentially removes significant regulatory hurdles for Binance’s expansion in these regions.

Bloomberg highlights that the pardon may not only enhance Zhao’s personal prospects but also unlock new opportunities for Binance’s global expansion strategy. The development comes at a time when regulatory clarity and corporate governance have become increasingly important for cryptocurrency exchanges seeking to operate across multiple jurisdictions, particularly in markets with stringent ownership requirements.