Binance Founder Zhao Outlines U.S. Expansion Plans at Trump Crypto Event
Just months after receiving a presidential pardon, Binance co-founder Changpeng Zhao made a high-profile appearance at Mar-a-Lago last week, positioning himself within the Trump family's cryptocurrency sphere. His participation in a forum hosted by World Liberty Financial, the Trumps' crypto venture, marked his most significant public outing in the United States since the pardon.
U.S. Market Ambitions
In an exclusive interview with Bloomberg News, Zhao detailed his vision for Binance.US as America reasserts its position as a global hub for digital assets. "We want to do much more business in the U.S.," Zhao declared at President Donald Trump's Palm Beach, Florida resort. "We want to bring a superior product into the U.S. We want to make the superior product offering much more accessible to the U.S. consumer."
The former chief executive, known widely as "CZ," stepped down from Binance Holdings Ltd. in 2023 after pleading guilty to failing to maintain an effective anti-money laundering program at the global exchange. Despite this, he retained his ownership stake and remains a majority shareholder of Binance.US, the U.S.-based exchange that operates under the Binance brand with its own management team.
Regulatory Landscape Shifts
Zhao emphasized that his comments specifically concerned Binance.US, not the global exchange. "I don't run Binance," he stated, describing that chapter of his career as closed. He characterized his expertise as primarily technical rather than regulatory.
While acknowledging that Binance.US faces challenges after losing significant banking access and market share following a 2023 Securities and Exchange Commission lawsuit, Zhao expressed optimism about the current regulatory environment. The SEC case was dropped last year under Trump-appointed Chairman Paul Atkins.
With what he described as a more accommodating regulatory climate, Zhao noted that options previously considered unattainable—including deeper banking relationships or even pursuing a charter—are now "totally possible." However, he stressed that any such moves would depend on assembling the right team and obtaining proper legal guidance.
Business Connections and Technical Support
Binance has promoted World Liberty's USD1 stablecoin, which was subsequently used to settle a $2 billion investment in the exchange by Abu Dhabi-based MGX. Binance co-CEO Richard Teng later clarified that the exchange did not select the payment token.
When questioned about these connections, Zhao explained that teams within the BNB Chain ecosystem—a blockchain founded by Binance—provided technical assistance related to USD1. He described such support as "quite normal" for projects launching on the network.
Personal and Professional Context
Zhao currently resides in the United Arab Emirates with his partner Yi He, who was appointed co-chief executive officer of Binance in December. The couple has children together.
Regarding his presence at the exclusive Mar-a-Lago event, Zhao took exception to suggestions that it might raise eyebrows, noting that he attends dozens of events annually. A Binance.US spokeswoman responded to questions about Zhao's comments by stating that the company "remains committed to being the best platform for users to buy, trade, and earn digital assets in the U.S. We continue to actively build and grow our platform through new products and offerings, enhancing our ability to deliver an experience that meets the evolving needs of crypto investors."
Binance's global entity pleaded guilty to federal charges and agreed to pay billions in fines in 2023. While Binance.US was not part of that Justice Department resolution, it has faced its own regulatory scrutiny. Zhao's appearance at the Trump family event signals his continued involvement in shaping cryptocurrency's future in the United States despite his changed role within the organization.
