CZ: U.S. crypto exchanges spent millions to block his pardon bid

Changpeng “CZ” Zhao, co-founder of Binance, claims in his newly published memoir Freedom of Money that U.S.-based rival cryptocurrency exchanges spent millions of dollars trying to block a presidential pardon that would clear his path after a high-profile legal settlement. The allegation surfaced after the book’s release in April 2026 and has drawn renewed media and industry attention.

According to Zhao’s account, the campaign against his pardon combined lobbying efforts and funded negative media coverage; he writes that friends told him some critical articles were financed by competitors fearful of Binance re-entering the U.S. market. The memoir also outlines his DOJ negotiations, the company’s 2023 settlement, his subsequent four-month prison term and the pardon granted by President Donald Trump on October 23, 2025.

Market reaction has so far been muted in broad crypto benchmarks and major tokens, though anecdotal spikes were reported in small thematic tokens and certain memecoins following the publicity around the memoir. Such token-specific moves reflect short-term retail-driven flows rather than systemic shifts, but they underscore how reputational events can translate into episodic market volatility.

The episode sits within a wider context of scrutiny over political influence, lobbying and regulatory oversight in cryptocurrency. Congressional inquiries and public debates over “pay-to-play” dynamics and executive clemency related to industry figures have intensified since the pardon, bringing Washington’s role in crypto policy back to the forefront. Observers warn that political risk could shape regulatory timelines and enforcement priorities.

Market analysts and legal experts say Zhao’s claims remain allegations until corroborated by independent evidence or official records; nevertheless the memoir is likely to fuel further scrutiny of lobbying practices and competitive tactics in the industry. Investors will be watching for congressional hearings, regulatory responses and any new disclosures that could affect market sentiment and the competitive structure of U.S. crypto markets.