In his new memoir, Changpeng Zhao alleges that lobbying against the binance pardon shows how fiercely US crypto competitors sought to keep Binance out of the American market.
CZ details alleged lobbying campaign against his pardon
In his more than 300-page memoir, Binance founder and former CEO Changpeng “CZ” Zhao claims that US crypto exchanges “paid millions in lobbying fees to block” his presidential pardon. Moreover, he writes that several industry players feared any leniency would clear a path for Binance to re-enter the United States.
Zhao says that “a few friends” told him these competitors also funded “smear articles” targeting him and the company. However, he notes that these accounts are based on what his friends reported, rather than direct documentary evidence. According to the memoir, the alleged campaign intensified as the pardon request gained visibility.
The book further alleges that some exchanges believed a successful binance pardon would undo their competitive advantage after Binance exited parts of the US market. That said, Zhao does not name specific firms in the passage describing the reported lobbying and media efforts.
Media coverage and “false news” accusations
In the memoir, CZ criticizes what he describes as “false news” in The Wall Street Journal and “smear articles” by Bloomberg. He argues that certain stories misrepresented his conduct and Binance’s compliance practices. However, he does not provide detailed point-by-point rebuttals of the individual articles.
Zhao writes that friends told him those negative reports were at least partly financed by rival exchanges in the United States. Moreover, he frames the alleged media strategy as one component of a broader push to block clemency. The memoir suggests that reputational pressure and political lobbying worked in tandem.
Trump’s decision and CZ’s legal troubles
President Donald Trump ultimately pardoned Zhao last October, ending the formal clemency battle that had built up around his case. According to CZ, efforts to derail the pardon conflicted with Trump’s stated ambition to make “America the crypto capital.” He portrays the decision as aligned with a pro-innovation policy stance.
In 2023, Zhao pleaded guilty to failing to implement adequate anti-money-laundering controls at Binance and stepped down as the company’s CEO. He has said that the requirement to serve prison time came as a surprise. Moreover, he points to past enforcement actions in similar cases that often ended with deferred prosecution agreements or home confinement instead.
According to Politico, Binance itself spent hundreds of thousands of dollars lobbying in support of CZ’s pardon. The outlet reported that the exchange paid one firm, described as being run by “a hunting buddy of Donald Trump Jr,” $450,000 for one month of work. However, the article did not detail every aspect of the lobbying strategy.
Endorsements and narrative in Zhao’s book
The memoir features testimonials from high-profile figures including BlackRock CEO Larry Fink and Bridgewater Associates founder Ray Dalio. Dalio praises Zhao “for his bold contributions to making alternative monies accessible to almost everyone in the world.” Moreover, the endorsements are presented as validation of CZ’s role in global crypto adoption.
Zhao uses the book to defend his legacy and contextualize the compliance failures acknowledged in his 2023 guilty plea. However, he also emphasizes the rapid growth of Binance and the regulatory uncertainty that surrounded crypto exchanges during those years. The narrative alternates between personal reflection and criticism of industry rivals.
The memoir’s account of the lobbying fight over the pardon adds a political layer to CZ’s already high-profile legal saga. Moreover, by highlighting alleged pressure from competitors, Zhao seeks to frame his experience as part of a broader struggle over the future of digital asset markets.
Binance.US positions itself for renewed growth
The debate over the pardon unfolded as Binance.US continued to recalibrate its strategy in the American market. Last month, the platform hired former Currency.com CEO Stephen Gregory as its new chief executive. The move signals an effort to capture more of the US market, where Coinbase is widely viewed as dominant.
The new leadership appointment came roughly one year after Binance.US restored customers’ fiat deposits and withdrawals for US users. Moreover, management is positioning the exchange as a compliant, regulated alternative within the broader Binance ecosystem. The company aims to rebuild liquidity and trust after a turbulent regulatory period.
Overall, Zhao’s memoir intertwines personal legal challenges, alleged lobbying campaigns, and Binance’s shifting US strategy. However, regulators, competitors, and policymakers will continue to shape how much influence the book’s narrative has on the exchange’s future in the United States.
