Changpeng Zhao to focus on cultivating US crypto capital after amnesty

After President Trump’s pardon, Binance founder CZ calls the US “an emerging market for Binance” and vows to help make the US a global hub for crypto innovation.

Chao Changpeng, founder of cryptocurrency exchange Binance, announced plans to help establish the United States as a global crypto hub, according to a statement at a press conference at Binance Blockchain Week held in Dubai on December 3 and 4.

Mr. Zhao, commonly known as CZ, answered questions about his involvement in the U.S. market following his pardon from President Donald Trump. “We are extremely grateful for President Trump’s pardon,” the executive said in a private press conference at Coca-Cola Arena, noting that it will allow Binance to operate more freely around the world, including in the United States.

“My true intention is to help America become the capital of cryptocurrencies,” Zhao said during the event.

Zhao described the United States as an “emerging country for Binance” and explained that the company was trying to exit the U.S. market during the Biden administration. He said Binance did not invest in the US during that period and sought to exit the business.

Binance US, which was founded in September 2019 to serve US residents, continues to operate as a small and medium-sized enterprise, Zhao said. Zhao said the Securities and Exchange Commission sued Binance US in 2023, resulting in the revocation of its banking access and several state licenses.

Mr. Zhao characterized the United States as a “very important market” and a key region for technology talent. He noted that many large blockchain businesses, including Binance and other large companies, are not technically based in the United States.

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“Big companies like Binance and a few other big companies aren’t technically in the United States, so I want to help bring a lot of these companies back to the region,” Zhao said. He added that many institutional investors lack access and exposure to Binance’s native cryptocurrency, BNB.

Regarding global challenges to cryptocurrency adoption, Zhao cited the need for clear regulatory frameworks in many regions of the world. He described engagement with more than a dozen countries on the development and implementation of digital asset regulations.

Zhao said only a handful of countries currently have clear regulations regarding digital assets, but noted that the United States is leading regulatory efforts.

“Right now, the United States is in the lead. That’s good, but the United States is just getting started. The Trump administration is only one year old,” Zhao said.

Zhao noted recent legislative developments, such as the passage of the GENIUS Act, which establishes rules for stablecoins. He explained that the CLARITY Act, which aims to define digital assets, is a work in progress.

“Also, the first draft of the regulation is not perfect. It will take time to evolve. After that, banks will need to work closely with cryptocurrency businesses. They will need to integrate with the existing financial system to enable mainstream adoption, because that is the best way to grow,” Zhao said.

Mr. Zhao also referred to his own sentence, in which he served four months in a U.S. prison in April 2024 after pleading guilty to violating U.S. money laundering laws.

“I went through many hardships, including going to prison, but I know that no one was hurt,” Zhao said. “There was no fraud. No users were hurt by my actions. So when I go to bed at night, I sleep so much better knowing that I’m helping a lot of people.”

The statement was made during Binance Blockchain Week, which was held at the Coca-Cola Arena in Dubai from December 3rd to 4th.

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