Changpeng Zhao, founder of cryptocurrency exchange Binance, announced plans to help establish the United States as a global cryptocurrency hub, according to statements made during a press conference at Binance Blockchain Week in Dubai on Dec. 3-4.
Zhao, commonly known as CZ, addressed questions about his involvement in the US market following a presidential pardon from President Donald Trump. The executive stated he is “very appreciative of the pardon from Trump,” noting that this allows Binance to conduct business more freely worldwide, including in America, according to remarks reported from the private press conference held at the Coca Cola Arena.
“It’s my full intention to help make America the capital of crypto,” Zhao stated during the event.
Binance's US Market Strategy and Challenges
Zhao described the US as “an emerging land for Binance,” explaining that the company had attempted to withdraw from the American market during the Biden administration. He stated that Binance did not invest in the US during that period and tried to pull out operations.
Binance US, which launched in September 2019 to service US residents, remains operational but continues to function as a small business, according to Zhao. In 2023, the Securities and Exchange Commission sued Binance US, resulting in the loss of banking access and several state licenses, Zhao said.
Zhao characterized the US as “a very important market” and a leading region for technology talent. He stated that many large blockchain businesses, including Binance and other major players, are not technically based in the US.
“Large businesses like Binance and a few other large players are not technically in the US, so I do want to help bring many of those businesses back into the region,” Zhao said. He added that many institutional investors lack access or exposure to BNB, Binance’s native cryptocurrency.
Global Regulatory Landscape and US Leadership
Regarding global challenges to cryptocurrency adoption, Zhao cited the need for clarified regulatory frameworks in many parts of the world. He described his involvement with more than a dozen countries on developing and implementing digital asset regulations.
Zhao stated that currently only a handful of countries have clear regulations around digital assets, but noted that the US is leading regulatory efforts.
“Now the US is leading — which is good, but the US is only just starting. Trump has only been in power for a year,” Zhao stated.
Zhao referenced recent legislative progress, including the passing of the GENIUS Act, which establishes rules around stablecoins. He described the CLARITY Act, which aims to define digital assets, as a work in progress.
“Also the first draft of regulations will not be perfect — it takes time to evolve. After this, the banks will need to work closely with crypto businesses. We need to integrate with existing financial systems to enable mainstream adoption, as that’s the best way for growth,” Zhao said.
Personal Reflections and Event Context
Zhao also addressed his prison sentence, having served four months in a US prison in April 2024 after pleading guilty to violating US money laundering laws.
“I went through a lot of challenges — I went to jail, etc. but I know that no one got hurt,” Zhao stated. “There was no fraud, there were no users that got hurt because of my actions, so when I sleep at night I sleep very well because I know I am helping a lot of people.”
The statements were made during Binance Blockchain Week, which took place at the Coca Cola Arena in Dubai from Dec. 3-4.