Speculation is sweeping through the crypto world that Changpeng “CZ” Zhao could soon return to the helm of Binance, less than two years after stepping down amid legal turmoil in the United States.
The renewed chatter follows an unexpected twist – a presidential pardon from Donald Trump, which instantly reignited debate over Zhao’s future and Binance’s direction.
Prediction Markets Light Up
In the hours following Trump’s pardon announcement, traders rushed to PolyMarket, the blockchain-based prediction platform, driving a surge in bets over whether CZ would reclaim his CEO title before the end of 2025. The odds skyrocketed from near zero to around 62%, with total wagers surpassing $47,000 – a dramatic shift that underscored how quickly sentiment around Zhao’s comeback flipped.
PolyMarket’s activity suggests that investors see the pardon not just as political theater, but as a possible precursor to CZ’s re-entry into corporate leadership. The market tracking his potential return has been active since September 2025, but activity exploded only after the White House’s official confirmation.
Trump’s “Crypto Peace” Agenda
Trump’s pardon of Zhao has become a defining moment in his pledge to “end the war on crypto.” The move, part of a broader pro-industry pivot, has been hailed by many in the sector as a bold attempt to undo what they view as years of regulatory hostility.
Zhao resigned as Binance CEO in late 2023 as part of a plea agreement with U.S. authorities and later served a short prison sentence. Since his release, he has remained largely out of the public eye – though he denied claims that he was permanently barred from leading a crypto company.
Now, with Binance.US restoring fiat operations and U.S. regulators easing some restrictions, Zhao’s path back into the industry looks clearer than it has in years.
A Divided Industry Responds
The pardon sparked an immediate rift in the digital asset community. Cardano’s Charles Hoskinson praised the decision, calling it “a correction of a grave injustice,” and accused former officials of unfairly targeting Zhao as part of anti-crypto enforcement efforts.
Congratulations to my friend @cz_binance. Trump has corrected a grave injustice. The weaponization of the justice department against our industry and its entrepreneurs should have never happened. It was and still is a deep wound that will take a long time to heal https://t.co/OirXN3fSZC
— Charles Hoskinson (@IOHK_Charles) October 23, 2025
On the other side, Senator Elizabeth Warren condemned the pardon as blatant favoritism. “This is corruption, plain and simple,” she said, renewing calls for stricter oversight of exchanges. Zhao pushed back sharply on social media, telling Warren to “get her facts straight” before making baseless accusations.
Market Momentum and Binance’s Next Chapter
Following the pardon, coins and projects associated with Binance and Zhao rallied strongly, reflecting renewed optimism around the company’s future. ASTER, one of the tokens Zhao has previously championed, jumped nearly 14% in value in the days after the news.
Analysts say that a return by CZ could energize Binance’s global strategy, especially as competition intensifies and traditional financial players push deeper into crypto. His leadership, once considered too controversial for regulators, may now find fresh political favor under Trump’s administration.
Whether Zhao officially reclaims the CEO title or returns in a strategic advisory role, his reemergence marks a new phase for Binance – one shaped by shifting power dynamics between Washington and the crypto industry. The message from markets, at least for now, is clear: the crypto community is betting big on CZ’s comeback.
