Binance Founder CZ Seeks to Clear Up Misconceptions and Recast His Public Image
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.”
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The history behind this eventBinance Founder CZ Says Rivals Opposed Pardon Bid to Block His U.S. Return
Binance reached a $4.3 billion settlement with the U.S. government in November 2023 over charges including violations of the Bank Secrecy Act and withdrew from the U.S. market. Co-founder Changpeng Zhao, known as CZ, served four months in prison over anti-money-laundering failures, in a case that affected whether the major global cryptocurrency exchange could return to the United States.
In a Crypto Banter interview published on May 9, 2026, CZ said U.S. rivals had lobbied heavily against his pardon because they feared Binance’s return, though he acknowledged having no concrete evidence. He completed his prison term in September 2024 and was pardoned by Trump in October 2025. Binance.US had already resumed services for eligible users in February 2025.
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