Binance’s Potential Return to the US Market After CZ’s Pardon
Crypto industry executives and analysts are speculating about the possibility of Binance, the world’s largest crypto exchange by trading volume, re-entering the US market following the pardon of its founder, Changpeng “CZ” Zhao. The pardon, granted by US President Donald Trump, has sparked a wave of interest in the potential return of Binance to the US.
“We will do everything we can to make America the cryptocurrency capital and advance Web3 worldwide,” CZ wrote in an X post after receiving the pardon. This statement has been seen as a hint that Binance may be considering a return to the US market. Additionally, CZ recently changed his X social media bio from “Ex-Binance” to “Binance”, further fueling rumors of his return to the exchange and its potential re-entry into the US.
David Namdar, CEO of BNB Network Company, a BNB (BNB) finance company, believes that CZ’s pardon is a significant turning point for Binance and its native cryptocurrency, BNB. “CZ’s pardon is more than a turning point, but also for BNB and potentially Binance, paving the way for greater access to the US market,” he wrote on X. Namdar also noted that BNB has been largely ignored by Western investors despite its price stability across market cycles, citing its recent rally to all-time highs in October.
Implications of Binance’s Potential Return to the US
If Binance were to return to the US market, it could provide US retailers with access to the world’s largest centralized crypto exchange, potentially leading to increased trading volume and driving up asset prices. Binance previously spun off a separate company called Binance.US in 2019 to serve US residents while remaining compliant with US regulations. However, the US platform does not have access to the global exchange’s liquidity or crypto derivatives and is operated by BAM Trading Services.
US lawmakers and elected officials remain divided over CZ’s pardon, with some criticizing the move as a signal of “pay-to-play” mechanisms and the crypto industry’s influence over Trump. California Representative Maxine Waters and Massachusetts Senator Elizabeth Warren have been vocal in their criticism, with Waters stating that the pardon is a sign that the crypto industry is controlling Trump.
Reaction from CZ and the Crypto Community
CZ has lashed out at Senator Warren on social media, claiming she falsely said he had pleaded guilty to money laundering charges. However, it is worth noting that Zhao did plead guilty to a single felony: violating the U.S. Bank Secrecy Act by failing to maintain an effective anti-money laundering (AML) program at Binance, resulting in a four-month prison sentence in April 2024.
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