Changpeng Zhao returns after reaching a settlement with the U.S.... "Accelerating North American market push" [BBW2025]

On the 3rd (local time) at Binance Blockchain Week 2025 in Dubai, Changpeng Zhao (CZ), Binance founder, held a press conference and delivered his first in-person message since reaching a settlement with U.S. regulators and being pardoned by President Trump. Having been absent from official appearances for a while, he emphasized, "I can now more freely support the business anywhere in the world, including the U.S.," expressing his intention to return to the crypto market and community.

Changpeng Zhao and Binance concluded criminal proceedings in 2023 after negotiations with the U.S. Department of Justice, the Treasury Department, and the CFTC by admitting to charges related to anti-money laundering (AML), sanctions violations, and operating an unregistered money transmission business, and agreeing to pay approximately $4.3 billion in settlement. Separately, CZ admitted to one Bank Secrecy Act (BSA) violation and, instead of a $500,000 fine, was fined $50,000,000 and sentenced to four months in prison by the U.S. District Court in Seattle in April 2024, completing his incarceration.

Afterward, on October 23, 2025 (local time), U.S. President Donald Trump pardoned CZ, effectively removing the remaining criminal risk and making this Dubai appearance a kind of "comeback."

Asked about the meaning of the pardon, Zhao said, "Thanks to President Trump's decision, I can move much more freely around the world, including in the U.S.," and added, "I want to contribute to making the U.S. a crypto hub again." He recalled that during the Biden administration, regulatory risks forced them to "minimize business and investment within the U.S.," and said he will now help U.S. investors more easily access BNB and the BNB Chain ecosystem.

He cited "payments" as the top challenge crypto must solve in the next three years. Zhao said, "The Bitcoin whitepaper aimed from the start to be an electronic cash system, but there is still a long way to go for everyday payments," diagnosing that volatility, regulation, and merchant acceptance are intertwined in a chicken-and-egg problem. He noted that some services like the Binance Card were suspended under regulatory pressure and are being prepared again, and predicted that hybrid models combining stablecoins and existing payment rails will "become more common within the next few years."

On the sustainability of the digital asset "treasury" model, he emphasized, "Simply buying and holding top assets like Bitcoin has outperformed most startups and investment strategies over the past decade." He said, "The issue is not the model itself, but that some companies mixed leverage or speculative venture investments and made the structure overly complex, which became a risk," adding, "The simpler the governance and risk management, the stronger the treasury."

For mass adoption, he repeatedly mentioned regulatory clarity and connections with traditional finance. He said, "We are still providing feedback on draft bills and conducting workshops with various governments and regulators," and added, "The first regulatory framework is never perfect, but banks and crypto companies must refine it together to enable institutional adoption." At the same time, he emphasized that crypto's utility is already apparent in emerging markets with low bank account penetration and high inflation. He quoted a user who wrote, "In the past, a user in a developing country had to walk three days just to pay a utility bill, but now it takes two minutes with crypto," calling such cases "real impact."

Responding calmly to sharp criticism toward him and Binance, Zhao said, "There are always negative expressions in media headlines, but there are many more user messages expressing gratitude that their daily lives have improved." Regarding the U.S. case, he drew a line by saying, "There was no fraud or loss of customer assets, and trading profits and losses are each individual's responsibility," while reaffirming his intention to step aside to take responsibility for regulatory violations and remain as an advisor to help improve the structure.

On leadership changes, he backed the new management rather than himself. CZ said, "Co-founder Yi He is closer to the community and product than anyone, and CEO Richard Teng is strong in regulation and policy," and assessed, "The two will use their respective strengths to make Binance more 'institutionally friendly' while remaining user-focused."