Zhao Changpeng speaks out after "exemption," saying "we want to make America the capital of cryptocurrency." Binance aims to recapture the US market.

The pardon from President Trump has cleared the legal obstacles for Zhao Changpeng, co-founder of Binance, and more importantly, it has reignited the ambition of the world's largest cryptocurrency exchange to conquer the US market. Just hours after President Trump issued the pardon, Zhao Changpeng, billionaire co-founder of Binance, sent a thank-you note from his plane. He wrote on the social platform X: "I am deeply grateful for the pardon today, and I thank President Trump for upholding America's commitment to fairness, innovation, and justice. We will do our best to help America become the capital of cryptocurrency and promote the development of web3 globally." The release of this pardon comes almost two years after Zhao Changpeng admitted to not effectively preventing money laundering activities and resigned as CEO of Binance. Following the news, the native token BNB, associated with the Binance ecosystem, surged 8% on Thursday. The White House faces external scrutiny. When asked whether this pardon constitutes a corrupt deal, White House spokeswoman Karoline Leavitt responded on Thursday that the decision underwent "thorough review" by White House lawyers. Previously, Binance had assisted a company associated with Trump in launching a stablecoin project, which drew criticism from Democrats who saw the pardon as another example of growing conflicts of interest. With President Trump's pardon, Zhao Changpeng's return to Binance operations is now possible. "The impact of a presidential pardon is quite broad," said Jonathan Groth, partner at DGIM Law. "It seems to mean that Zhao Changpeng can now re-engage and participate more in Binance and its subsidiaries and other businesses." Industry observers believe that while regulatory obstacles still need to be addressed, the pardon could pave the way for Binance to consolidate its US operations. Currently, Binance's US branch Binance.US operates with limited scope and remains structurally independent from the global exchange. Reports suggest that Binance is considering strategic options, including integrating Binance.US into its global business or allowing its global exchange to enter the US market directly. Markus Thielen, CEO of 10x Research, said: "This current cryptocurrency cycle is largely driven by American institutional investors and investment products, which is precisely the area where Binance can now shift its focus." He added that Binance's US subsidiary "is likely to be reintegrated into the global Binance ecosystem, allowing US investors to directly access the platform's deep liquidity and comprehensive derivative services." "Binance faces challenges from Coinbase in the US market" Despite its ambitions, the US market remains a huge challenge for Binance. In the US, Zhao Changpeng is only a shareholder of Binance.US, a platform with its own leadership and staff, where US investors are prohibited from trading on its global market. Data clearly reflects Binance's marginal position in the US market. According to analysis from Kaiko, Binance processes nearly 50% of global Bitcoin trades; in contrast, Binance.US holds less than 1% of the market share. In the US, Coinbase Global Inc. enjoys a dominant position similar to Binance's in other parts of the world. Owen Lau, an analyst at Clear Street, said: "Coinbase has a first-mover advantage in the US and is a trusted platform." However, Binance is known for weakening competitors with its aggressive pricing and promotional strategies. Patrick Horsman, CIO of Applied DNA Sciences, believes that with its technology, liquidity, and relatively lower fees, Binance will become a "powerful dominant force in the US crypto market." Nevertheless, Binance is not without its weaknesses. During a recent cryptocurrency sell-off, the exchange faced technical issues leading to billions of dollars in forced liquidations and had to compensate some users. Zhao Changpeng's global expansion and signals of a comeback 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 the blockchain advisory committees of Kyrgyzstan and Pakistan, and actively promoted the application of cryptocurrencies in Dubai, Islamabad, and other places. On a personal level, signals of a comeback are becoming more apparent. In recent weeks, he quietly changed his X profile from "former Binance member" to "@Binance," sparking speculation about his possible return to a leadership position. Five months ago, the 48-year-old Zhao Changpeng said at a conference in Dubai, "I am still young, I cannot play golf all day, you have to do something." He revealed that he holds eight to ten meetings daily. 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, said: "I think he has a lighter load without operating the exchange. If he gets back into operations, I would be surprised." Pardon clears obstacles for global expansion The impact of this pardon goes beyond the US market; it could unlock new avenues for Binance's global expansion. The company holds minority stakes in subsidiary companies in Asian countries such as Thailand and Malaysia, where regulatory regimes require eligibility tests for major stakeholders. Chris Holland, partner at Singapore consulting firm HM, said: "Criminal convictions may present obstacles for individuals seeking to hold beneficial ownership stakes in regulated or listed companies." Positive effects of the pardon have already emerged. Last week, after more than two years of review, South Korean authorities approved Binance's acquisition of the local exchange GOPAX, clearing the way for its return to one of the most active markets in Asia. Cosmo Jiang, a general partner at Pantera, expects Zhao Changpeng to be "more involved in Binance's operations after receiving the pardon." He added: "Whenever the founder returns to the company, it's always an exciting moment, and you usually see better execution."