The pardon from Trump has cleared legal obstacles for Binance co-founder Zhao Changpeng, and more importantly, it has reignited the ambition of the world's largest cryptocurrency exchange to conquer the U.S. market.
Hours after U.S. President Trump issued the pardon, billionaire Zhao Changpeng, co-founder of Binance, sent out a thank-you note while on a plane. He wrote on social media platform X:
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“I am deeply grateful for today’s pardon and thank President Trump for upholding America’s commitment to fairness, innovation, and justice. We will do our utmost to help the U.S. become the cryptocurrency capital, and promote the development of web3 globally.”
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The issuance of this pardon comes nearly two years after Zhao Changpeng admitted to failing to effectively prevent money laundering activities and resigned as CEO of Binance. Following the news, the native token BNB, tied to the Binance ecosystem, surged by 8% on Thursday.
The White House is facing external scrutiny. When asked whether the pardon constituted a corrupt deal, White House spokesperson Karoline Leavitt responded on Thursday that the decision underwent a “thorough review” by White House lawyers. Previously, Binance had assisted a company linked to Trump in launching a stablecoin project, which drew criticism from Democrats who viewed the pardon as another example of a conflict of interest.
<h2>Trump’s Pardon Reignites Zhao Changpeng’s Ambition in the U.S.</h2>
Trump's pardon has opened the door for Zhao Changpeng to re-engage in the operations of Binance. “The impact of the presidential pardon is quite broad,” said Jonathan Groth, a partner at DGIM Law:
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“This seems to mean that Zhao Changpeng can now re-engage and participate more in Binance and its subsidiaries and other businesses.”
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Industry observers believe that while regulatory hurdles remain, the pardon may pave the way for Binance to consolidate its U.S. operations. Currently, Binance's U.S. branch, Binance.US, has limited operational scope and is structurally independent from the global exchange.
According to media reports, Binance is considering a range of strategic options, including integrating Binance.US into its global operations or allowing its global exchange to enter the U.S. market directly. Markus Thielen, CEO of 10x Research, stated:
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“This round of the cryptocurrency cycle is largely driven by U.S. institutional investors and investment products, which is precisely the area Binance can now shift its focus to.”
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He added that Binance's U.S. subsidiary “is likely to be reintegrated into the global Binance ecosystem, allowing U.S. investors to directly enjoy the platform's deep liquidity and comprehensive derivatives services.”
<h2>“Less than 1% Market Share in the U.S.”, Binance Faces Challenges from Coinbase</h2>
Despite its ambitions, the U.S. market remains a significant challenge for Binance. Here, Zhao Changpeng is merely a shareholder of Binance.US, which has its own independent leadership and staff, and U.S. investors are prohibited from trading on its global market.
Data clearly reveals Binance's marginal position in the U.S. market. According to data from analytics firm Kaiko, Binance handles nearly 50% of global Bitcoin transactions; in contrast, Binance.US's share is less than 1%.
** In the United States, Coinbase Global Inc. enjoys a dominant position similar to that of Binance in other parts of the world. Clear Street analyst Owen Lau stated:
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&#34;Coinbase has a first-mover advantage in the U.S. and is a trusted platform.&#34;
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However, Binance is known for its aggressive pricing and promotional strategies to undermine competitors. Patrick Horsman, Chief Investment Officer of digital asset fund management company Applied DNA Sciences, believes that with its technology, liquidity, and relatively low fees, Binance will become a &#34;powerful dominant force in the U.S. crypto market.&#34; However, Binance itself is not without weaknesses. During a recent cryptocurrency sell-off, the exchange faced technical issues that led to billions of dollars in forced liquidations and was compelled to compensate some users.
<h2>Zhao Changpeng's Global Layout and Comeback Signals</h2>
Since his release in September 2024, Zhao Changpeng has been actively accumulating 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 is actively promoting the application of cryptocurrency in places like Dubai and Islamabad.
On a personal level, the signals for a comeback are becoming increasingly evident. In recent weeks, he quietly changed his X profile from &#34;former Binance member&#34; to &#34;@Binance,&#34; a subtle move that has sparked speculation about his potential return to a leadership position. Five months ago, the 48-year-old Zhao Changpeng stated at a conference in Dubai: &#34;I am still young; I can't just play golf all day; you have to do something.&#34; He revealed that he holds eight to ten meetings every day.
However, not everyone believes he is eager to take on the role of CEO again. David Namdar, head of a BNB fund management company supported by Zhao Changpeng's family office, stated:
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&#34;I think he has a lighter burden without operating the exchange. I would be surprised if he gets involved in operations again.&#34;
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<h2>The Impact of the Pardon on Global Expansion</h2>
The impact of this pardon extends beyond the U.S. market; it may also unlock new pathways for Binance's global expansion. The company holds minority stakes in subsidiaries in Asian countries like Thailand and Malaysia, where regulatory frameworks impose ownership eligibility tests on major shareholders. Chris Holland, a partner at Singapore consulting firm HM, stated:
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&#34;A criminal conviction could pose a barrier for anyone seeking to hold beneficial ownership stakes in regulated or listed companies.&#34;
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The positive effects of the pardon are already evident. Last week, after more than two years of review, South 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, a general partner at Pantera, stated that he expects Zhao Changpeng to &#34;be more involved in Binance's operations&#34; following the pardon. He added:
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&#34;Whenever a founder returns to the company, it is always an exciting moment, and you typically see more growth and better execution.&#34;
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Trump's pardon clears legal obstacles for Zhao Changpeng, who expressed gratitude and promised to "make the United States the capital of cryptocurrency." This move paves the way for Binance to consolidate its U.S. operations and directly enter the U.S. market to address the challenges posed by Coinbase. The industry expects Zhao Changpeng to be more actively involved in Binance's operations and to use the pardon to eliminate regulatory barriers to global expansion, driving Binance to reclaim the U.S. market

- The recent pardon granted to Binance co-founder Changpeng Zhao by President Trump has removed legal barriers and reignited the company's ambitions in the U.S. market.  
- Following the pardon, Zhao expressed gratitude and a commitment to help the U.S. become a cryptocurrency hub, despite Binance's current limited presence in the country.  
- Analysts suggest that the pardon may facilitate Binance's integration of its U.S. operations and enhance its competitive position against Coinbase, which currently dominates the American market.

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Zhao Changpeng spoke out after the "exemption," saying "we want to make the United States the cryptocurrency capital," Binance aims to regain the U.S. market