Binance Founder CZ Says Rivals Opposed Pardon Bid to Block His U.S. Return

Changpeng Zhao, known as CZ, founded Binance, the world's largest cryptocurrency exchange. He pleaded guilty in November 2023 to violating U.S. anti-money-laundering rules. Binance agreed to pay about $4.3 billion in a settlement, while Zhao personally paid another $50 million and stepped down as CEO, prompting renewed scrutiny of his business role and public image.

After completing a four-month prison sentence in 2024, Zhao recently said he wants to clear up misconceptions about who he is. For now, he prefers to privately advise companies in which he has invested, without serving as a senior executive or formal adviser. He has also advocated connecting Binance.US to the global platform's liquidity to lower trading costs for U.S. users and help make the United States the “capital of crypto.”

Binance has long faced controversy over its anti-money-laundering and sanctions compliance. In November 2023, it reached a settlement of more than $4.3 billion with the U.S. Department of Justice and other agencies, and Changpeng Zhao, known as CZ, stepped down as CEO. Recent allegations have focused on whether the platform served as a channel for Iranian fund transfers and raised concerns about terrorist financing, potentially prompting regulators to reassess the exchange’s compliance capabilities.

CZ has denied that Binance funded Iran or had ties to terrorist organizations, saying he had no interest whatsoever in becoming involved in such matters. Publicly available information does not specify the value of the transactions at issue. Separately, U.S. Senator Cynthia Lummis said a crypto market structure bill could make progress by the end of April as Congress continues to clarify regulatory authority over digital assets and rules for trading platforms.