Changpeng Zhao’s Vision for Cryptocurrency in the US
Changpeng Zhao, known as CZ, the founder of Binance—the leading cryptocurrency exchange globally—has expressed his ambition to position the United States as a key player in the crypto sector. His statements came during a private media briefing held at Binance Blockchain Week in Dubai, which occurred on December 3rd and 4th.
Opportunities Following Regulatory Changes
In light of President Trump’s recent easing of legal constraints, CZ remarked on the newfound opportunities for Binance to operate more freely across the globe, including the US market.
“I am incredibly thankful for President Trump’s pardon, as it significantly enhances our ability to conduct business worldwide, especially in the United States,”
he said.
Shifting Perspectives on the US Market
Zhao underscored his desire to establish America as a leading hub for cryptocurrency, emphasizing that in previous years, Binance had attempted to reduce its footprint in the US due to complicated regulatory dynamics with the Biden administration.
“We didn’t invest much in the US before; we sought to pull back. But I am now ready to assist crypto enterprises in the United States,”
he affirmed.
Challenges Faced by Binance US
Addressing the situation of Binance US, which was created in September 2019 to serve the American clientele within legal boundaries, Zhao noted that it is still operational but has faced significant hurdles, particularly owing to a lawsuit initiated by the SEC in 2023 that stripped it of crucial banking partnerships and several state licenses. Yet, he has shifted perspectives, now recognizing the US as a vital market filled with technological talent.
“Though many significant players in blockchain currently operate outside the US, I am determined to encourage their return to the American landscape,”
he added, also highlighting the need for institutional investors to gain more accessibility to Binance’s native token, BNB.
Regulatory Frameworks and Global Adoption
When asked about the regulatory obstacles impeding global crypto adoption, CZ stressed the need for clearer regulatory frameworks across various jurisdictions. He shared his ongoing discussions with countries globally aimed at crafting effective regulations. CZ pointed out that although a few nations have well-defined guidelines surrounding digital assets, the US is setting a proactive precedent.
“The US is leading the chart, but it’s just the beginning. We’ve made strides with legislation like the GENIUS Act that clarifies rules for stablecoins, while the CLARITY Act, which strives to articulate digital assets, is still in development,”
he noted.
Personal Reflections and Commitment to the Crypto Community
He went on to emphasize that initial drafts of regulations will not be entirely adequate, requiring time for refinement, and signaled a need for banks to collaborate closely with cryptocurrency companies to integrate with traditional financial frameworks, fostering mainstream adoption and growth.
In a more personal reflection, CZ also recounted his own experiences with incarceration, having been sentenced to four months for breaches of US anti-money laundering laws in April 2024.
“Although I faced many hardships, including time in jail, I find peace knowing my actions did not harm anyone, as there was no fraud involved— my work continues to support numerous individuals positively,”
CZ expressed, underscoring his ongoing commitment to the crypto community and his ambitions for expanding Binance’s reach in the US.
