New Horizons for Binance: How Zhao’s Pardon Opens a Path to the US Market

Following President Donald Trump’s pardon of Binance founder Changpeng Zhao (CZ), the platform has a real chance to expand into the American market. This decision culminated a long effort to build strong connections with the US political elite.

A Surge in Lobbying Efforts

With the start of the Trump administration in 2025, Binance resumed its lobbying activities in Washington, which had been completely halted in 2024. According to Politico, the company spent $860,000 on these efforts over the year, nearly matching its previous peak spending levels.

Important Context: Back in 2023, Binance pleaded guilty to violations of US anti-money laundering laws, paying a hefty $4.3 billion fine. Zhao himself paid a $50 million penalty and served a four-month prison sentence.

Key Figures in the Lobbying Push

To advance its interests, the exchange enlisted influential figures:

• Ches McDowell, a close friend of Donald Trump Jr., received $450,000 for lobbying the White House and the Treasury Department in late September.
• Theresa Goody Guillem, a leading crypto attorney considered for the SEC chair role, was hired in February. Her firm earned $290,000 from working with Binance and Zhao.

Ties to Political Projects

Beyond direct lobbying, Binance strengthened its ties with the Trump family’s crypto project, World Liberty Financial (WLF). The exchange’s developers wrote the source code for WLF’s USD1 stablecoin, which was later used in a major deal to acquire a stake in Binance.

Financial Response: The BNB Rally

Binance’s 2025 activity coincided with a significant rally of its native token, BNB. Since the start of the year, its price surged over 60%, and its market capitalization reached $160 billion. From April to October, the growth was virtually uninterrupted.

Potential Scenarios for a US Market Entry

Experts surveyed by Bloomberg suggest Binance could use several strategies to strengthen its US position:

1. Integrating Binance.US: Merging the US subsidiary with the global ecosystem to grant it access to liquidity and core platform products.
2. Rebranding and Relaunch: Leveraging a new regulatory status facilitated by political support and lobbying.
3. Deepening Partnerships: Forging closer collaborations with pro-crypto projects like WLF.

Regardless of the chosen path, Binance will face competition from established players like Coinbase, which controls about half of the market. However, Binance’s experience in aggressive competition could be a key asset in capturing a share of the lucrative US market.