CZ Memoir Alleges Lobbying Battle as Binance Eyes Return to US Market
Changpeng Zhao has accused rival crypto exchanges of mounting a coordinated lobbying campaign to block his presidential pardon, adding a new layer of tension to an industry already navigating regulatory scrutiny and competitive pressure.
Summary:
- CZ alleges rivals lobbied aggressively to block his pardon and limit Binance’s return to the US market.
- The memoir highlights a high-stakes influence battle in Washington involving both Binance and competitors.
- The timing aligns with Binance’s renewed push to re-establish its presence in the US.
The allegations appear in Zhao’s memoir, “Freedom of Money,” released April 8, where he describes a behind-the-scenes battle over influence in Washington during the months leading up to his October 2025 pardon. Zhao claims competitors spent millions to prevent his legal rehabilitation, arguing that his return would pave the way for Binance to re-enter the US market.
The claims, which cannot be independently verified, come as Binance signals renewed ambitions in the world’s largest capital market – just as policy momentum begins to shift in favor of clearer crypto regulation.
A Fight for Market Access
According to the memoir, rival platforms – most notably Coinbase – feared that a pardon would remove one of the final barriers preventing Binance from rebuilding a US presence. Zhao alleges these firms funded lobbying efforts aimed at influencing policymakers and shaping the narrative around his legal case.
He also claims that media coverage in outlets such as The Wall Street Journal and Bloomberg was part of a broader effort to keep public sentiment aligned against him during the decision-making process.
None of the companies named have publicly responded to the specific allegations outlined in the book.
Binance’s Own Push for Influence
Zhao’s account also highlights Binance’s own efforts to secure access and influence in Washington.
Public filings and reporting around the time of the memoir’s release suggest the exchange engaged in a parallel lobbying campaign, spending hundreds of thousands of dollars to advocate for its position. Among those efforts was the hiring of lobbyist Ches McDowell, whose connections include ties to Donald Trump Jr.
According the information, McDowell’s firm received approximately $450,000 for a single month of work, underscoring the scale and urgency of the push to engage with policymakers.
The result was not just a legal outcome, but a signal that Binance remains willing to compete aggressively for a foothold in the US.
Endorsements From Wall Street
Despite Zhao’s recent legal troubles – including a prison sentence in 2024 – the memoir has attracted support from prominent figures in traditional finance.
Larry Fink, chief executive of BlackRock, and Ray Dalio both provided endorsements, lending the book a degree of institutional credibility.
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Dalio, in particular, praised Zhao’s role in expanding access to alternative financial systems, while Fink’s involvement signals a broader willingness among large asset managers to engage with figures once considered outside the financial mainstream.
The endorsements suggest that parts of Wall Street may be prepared to separate Zhao’s past legal issues from his influence on the development of digital asset markets.
A Strategic Return Takes Shape
The timing of the memoir aligns with a series of moves aimed at reestablishing Binance’s presence in the US.
Binance.US recently appointed Stephen Gregory, former chief executive of Currency.com, as its new CEO. The hire is widely viewed as part of a broader effort to rebuild regulatory credibility and operational stability.
Zhao has also made clear that he sees an opportunity in the current US landscape. In a recent podcast appearance, he argued that while the country is now leading in regulatory clarity, it still lacks the liquidity depth that global platforms like Binance could provide.
The implication is clear: Binance does not intend to remain on the sidelines.
Compliance Questions Persist
Even as Binance pushes forward, questions about its internal controls have not fully subsided.
Reports from late March indicate that Chief Compliance Officer Noah Perlman, a former federal prosecutor brought in to strengthen oversight, is in discussions about stepping down. At the same time, allegations have surfaced that compliance investigators were dismissed earlier this year after identifying suspicious transaction patterns.
While the company has not publicly detailed these developments, they point to ongoing tension between growth ambitions and regulatory expectations.
A Narrative – and a Signal
Zhao’s memoir, spanning more than 360 pages and written largely during his four-month incarceration in 2024, serves both as a personal account and a strategic message.
By framing his legal battle as part of a broader competitive struggle, Zhao positions Binance not as a company in retreat, but as one preparing for a second phase.
All proceeds from the book are being directed to his nonprofit, Giggle Academy, adding a philanthropic dimension to a narrative otherwise focused on power, influence, and market access.
For the crypto industry, the episode underscores a deeper shift. Competition is no longer confined to technology or trading volumes – it is increasingly playing out in Washington, where regulation and access may ultimately determine the next phase of growth.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
