Changpeng Zhao made his first appearance on US soil since his 2024 release from federal prison by attending World Liberty Financial's (WLFI) invitation-only forum at Mar-a-Lago on Feb. 18.
In an interview with Bloomberg News at the event, Zhao said Binance.US wants to expand its US presence and called a banking charter or deeper banking ties "totally possible" under the current regulatory climate.
The appearance came months after Zhao received a presidential pardon from President Donald Trump, whose family co-founded WLFI - a cryptocurrency venture with deep financial ties to Binance.
What Happened
Zhao, known as "CZ," pleaded guilty in 2023 to failing to maintain an effective anti-money laundering program at Binance. The global exchange simultaneously agreed to pay $4.3 billion in penalties.
Zhao stepped down as CEO and served a four-month sentence before his 2024 release.
He remains a majority shareholder of Binance.US, the US-registered arm that operates under the Binance brand with its own management team. "I don't run Binance," Zhao said at the forum, calling that chapter "closed." His partner, Yi He, was appointed Binance co-CEO in December.
Zhao said he sees opportunity for Binance.US following the SEC's 2025 decision to drop its 2023 lawsuit against the exchange, which had cost the platform significant banking access and market share.
Options including deeper banking relationships or a formal charter are "totally possible," he said, though he stressed any move would require the right team and legal guidance.
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Why It Matters
Zhao's Mar-a-Lago appearance places him at the center of a web of relationships already drawing scrutiny from Democratic lawmakers.
Binance custodies approximately 92% of the USD1 stablecoin supply, according to Arkham Intelligence. A $2 billion investment in Binance by Abu Dhabi-backed MGX - settled using USD1 - was linked by a 60 Minutes investigation to Trump's pardon of Zhao.
Binance co-CEO Richard Teng said the exchange did not select the payment token.
Zhao described technical support from the BNB Chain (BNB) ecosystem for USD1's launch as "quite normal" for projects building on the network. Asked why his attendance at the event might raise questions, Zhao said he attends dozens of events each year and questioned what the issue was.
Democratic lawmakers have not dropped the matter, with Rep. Ro Khanna's formal inquiry into WLFI's foreign ties carrying a March 1 response deadline.
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