CZ's Memoir Alleges Rivals Dropped Millions to Keep Him Out of the US Pardon Party

In his new memoir, Changpeng Zhao alleges that lobbying against his Binance pardon shows how fiercely US crypto competitors sought to keep Binance out of the American market. CZ details an alleged lobbying campaign against his pardon in his more than 300-page memoir, claiming that US crypto exchanges "paid millions in lobbying fees to block" his presidential pardon. Moreover, he writes that several industry players feared any leniency would clear a path for Binance to re-enter the United States. Because apparently, letting the guy who built the biggest crypto exchange on the planet back into the US would be like handing the keys to the candy store to a guy who's already been caught with his hand in the jar.

Zhao says that "a few friends" told him these competitors also funded "smear articles" targeting him and the company. However, he notes that these accounts are based on what his friends reported, rather than direct documentary evidence. According to the memoir, the alleged campaign intensified as the pardon request gained visibility. The book further alleges that some exchanges believed a successful Binance pardon would undo their competitive advantage after Binance exited parts of the US market. That's right, folks—while CZ was apparently living in the court of public opinion, his so-called "friends" were busy gathering intel like they're in some kind of crypto-themed spy thriller, except the only thing getting leaked is presumably lobbyist invoices.

In the memoir, CZ criticizes what he describes as "false news" in The Wall Street Journal and "smear articles" by Bloomberg. He argues that certain stories misrepresented his conduct and Binance's compliance practices. However, he does not provide detailed point-by-point rebuttals of the individual articles. Zhao writes that friends told him those negative reports were at least partly financed by rival exchanges in the United States. Moreover, he frames the alleged media strategy as one component of a broader push to block clemency. The memoir suggests that reputational pressure and political lobbying worked in tandem. Nothing says "we're definitely not threatened" like allegedly paying to paint the competition as financial supervillains in major publications—very subtle, very deniable, very "we definitely didn't just send a strongly worded email to our PR team."

President Donald Trump ultimately pardoned Zhao last October, ending the formal clemency battle that had built up around his case. According to CZ, efforts to derail the pardon conflicted with Trump's stated ambition to make "America the crypto capital." He portrays the decision as aligned with a pro-innovation policy stance. So in one corner, we have the "America First" crowd waving the crypto flag, and in the other corner, we apparently have exchanges waving briefcases full of lobbying cash like they're in a particularly dull superhero movie where everyone's power is "regulatory capture."

In 2023, Zhao pleaded guilty to failing to implement adequate anti-money-laundering controls at Binance and stepped down as the company's CEO. He has said that the requirement to serve prison time came as a surprise. Moreover, he points to past enforcement actions in similar cases that often ended with deferred prosecution agreements or home confinement instead. According to Politico, Binance itself spent hundreds of thousands of dollars lobbying in support of CZ's pardon. The outlet reported that the exchange paid one firm, described as being run by "a hunting buddy of Donald Trump Jr," $450,000 for one month of work. That's $450,000 for thirty days of what we can only assume was extremely premium-quality political maneuvering—or perhaps just really good stories about the one that got away.

The memoir features testimonials from high-profile figures including BlackRock CEO Larry Fink and Bridgewater Associates founder Ray Dalio. Dalio praises Zhao "for his bold contributions to making alternative monies accessible to almost everyone in the world." Moreover, the endorsements are presented as validation of CZ's role in global crypto adoption. Nothing says "we're all good now" quite like having the heads of the world's largest asset managers vouch for your mission to democratize money—it's like getting a character reference from Batman after accidentally causing some property damage.

Zhao uses the book to defend his legacy and contextualize the compliance failures acknowledged in his 2023 guilty plea. However, he also emphasizes the rapid growth of Binance and the regulatory uncertainty that surrounded crypto exchanges during those years. The narrative alternates between personal reflection and criticism of industry rivals. It's basically a 300-page way of saying "yes, we messed up, but also everyone else was doing shady stuff and also we were growing so fast we didn't have time to implement proper AML controls, which, in retrospect, was maybe not the best look."

The debate over the pardon unfolded as Binance.US continued to recalibrate its strategy in the American market. Last month, the platform hired former Currency.com CEO Stephen Gregory as its new chief executive. The move signals an effort to capture more of the US market, where Coinbase is widely viewed as dominant. The new leadership appointment came roughly one year after Binance.US restored customers' fiat deposits and withdrawals for US users. Moreover, management is positioning the exchange as a compliant, regulated alternative within the broader Binance ecosystem. The company aims to rebuild liquidity and trust after a turbulent regulatory period. So basically, Binance.US is out here trying to convince Americans that they're the responsible adult in the room now—assuming, of course, you can forgive that whole "history of insufficient AML controls" thing, which, you know, is water under the bridge at this point, right?