CZ Claims US Crypto Firms Spent Millions to Block Pardon

He also criticized coverage from The Wall Street Journal and Bloomberg as misleading, and alleged that some negative reports were influenced by competitors. According to Politico, Binance also spent hundreds of thousands of dollars on lobbying efforts to secure the pardon. The memoir also includes endorsements from Larry Fink and Ray Dalio.

CZ Accuses Rivals of Blocking His Pardon

Changpeng Zhao, the founder and former CEO of Binance, made a series of striking claims in his recently released memoir, and alleged that competing US cryptocurrency exchanges spent millions of dollars to block his presidential pardon. According to Zhao, these efforts were driven by concerns that a pardon would allow Binance to re-establish a stronger presence in the United States, which could potentially intensify competition in an already crowded market.

Zhao’s memoir (Source: Amazon.com)

In the book, Zhao criticizes coverage from major media outlets, including The Wall Street Journal and Bloomberg, and describes certain reports as “false news” and “smear articles.” He claims that people close to him suggested that some of these negative stories may have been indirectly funded by rival exchanges seeking to influence public perception and regulatory sentiment. 

Zhao is convinced that these tactics were part of a broader lobbying effort with the goal of preventing his return to the US crypto space.

Zhao was ultimately pardoned by Donald Trump in October. In 2023, he pleaded guilty to failing to implement sufficient anti-money-laundering controls at Binance, which also led to his resignation as CEO. He has since expressed surprise at receiving a prison sentence, as similar enforcement actions in the past often resulted in less severe penalties like deferred prosecution agreements or home confinement.

Reports from Politico indicate that Binance itself engaged in lobbying efforts to secure Zhao’s pardon, and spent  hundreds of thousands of dollars in the process. One firm, reportedly connected to a “hunting buddy” of Donald Trump Jr., was paid $450,000 for a single month of work. 

The memoir also features endorsements from well known financial figures, including Larry Fink and Ray Dalio, who praised Zhao’s contributions to expanding access to alternative financial systems. Meanwhile, Binance.US appears to be renewing its focus on the American market, and even recently appointed Stephen Gregory as chief executive. The move follows the restoration of fiat deposit and withdrawal services.