Binance co-founder Changpeng Zhao has ruled out a return to lead the exchange, even as a pardon from the U.S. president opens a window for potential future involvement. In a CNBC Squawk Box appearance this past weekend, Zhao said he understood the pardon effectively lifts prior restrictions, but he does not intend to reclaim a front-facing role at Binance. He described stepping away after seven years as a deliberate choice, noting that the period was painful but that the company has since adapted under new leadership. Zhao stressed that Binance should continue to evolve under capable management while he remains a shareholder, watching from the sidelines and offering input on social media when he chooses to weigh in.

In a broader frame, Zhao’s remarks come as Binance has pressed ahead with its growth trajectory. A December open letter from the exchange’s leadership highlighted remarkable momentum, noting a user base surpassing 300 million and a total product trading volume of $34 trillion for the year. The message underscored a belief that the platform’s footprint in the crypto economy continues to widen, supported by two executives who Zhao described as “capable” to steer the enterprise. The letter also reinforced the company’s commitment to scaling its offerings even as regulators and lawmakers scrutinize the sector globally.

A candid conversation from Davos – on prison, pardon, and what freedom means going forward.
Full interview on CNBC with @andrewrsorkin. Focused on building what’s next. pic.twitter.com/x94llJFac2
— CZ 🔶 BNB (@cz_binance) January 25, 2026

Zhao’s legal arc has been well documented. He pleaded guilty in November 2023 to failing to maintain an effective anti–money-laundering (AML) program at Binance and subsequently received a four-month prison sentence along with a prohibition from working at the exchange. The pardon, which Trump granted in October, drew renewed attention from U.S. lawmakers who have long questioned Binance’s ties to various crypto ventures tied to the Trump orbit, though the former president later said he did not know Zhao personally. In that context, Zhao emphasized that Binance has continued to operate without disruption and that leadership continuity remains a central theme for the firm.

Binance doesn’t need a “backseat driver”

Looking back at the transition, Zhao noted that Binance has not missed a beat since he stepped aside. He pointed to two executives—Richard Teng and Yi He—as leading the company through a period of strong growth and expanded market share. In a decline in the narrative of “founder-centric” governance, Zhao argued that fresh leadership can unlock new strategic angles and foster long-term resilience for the platform. He also stated that his current involvement is largely through ownership and occasional input, rather than daily oversight, emphasizing that productive leadership requires room for others to grow.

In the December letter, Binance’s leadership highlighted the scale of the platform’s user base and activity, asserting that the “over 300 million” users and the “$34 trillion” in product trading volume for the year demonstrate the company’s reach across markets. Zhao remarked that he continues to be a shareholder and that he shares guidance with the team when he feels compelled to do so, typically through social commentary rather than formal governance channels. The message also touched on the company’s global footprint and ongoing negotiation with regulators as it advances its business model in a rapidly evolving landscape. The conversation around governance and growth remains central as the sector seeks to balance ambition with compliance and risk management.

Meanwhile, Zhao’s remarks about Bitcoin’s trajectory are drawing attention from a broader audience. He suggested that the sector could be entering a “supercycle” in the coming year, challenging the traditional four-year cycle framework that has guided many analysts for years. He posited that the U.S. pro-cryptocurrency stance, along with other jurisdictions following suit, could alter the macro dynamics that historically shaped price swings. This perspective sits in a broader debate about whether Bitcoin’s four-year cycle remains intact or whether structural changes in demand, institutional adoption, and regulatory clarity might stretch or redefine the cadence of price peaks and troughs. A linked analysis notes the ongoing discussion around whether Bitcoin’s cycle has truly ended or is simply evolving in response to new market realities.

Beyond market cycles, the Davos interview and surrounding coverage have underscored a tension between founders’ influence and governance agility. Zhao’s public persona—an outspoken observer who shares commentary on social platforms—serves as a reminder that the crypto landscape continues to grapple with the balance between visionary leadership and accountable stewardship. The broader ecosystem remains attentive to how Binance, as a major exchange with hundreds of millions of users, navigates regulatory expectations while maintaining its growth trajectory. A related thread in the industry conversation has focused on the impact of exchange-level decisions on liquidity, user experience, and market confidence, with observers watching how leadership transitions influence the pace of product development and strategic partnerships. A separate editorial piece has highlighted the potential wealth transfer dynamics that crypto platforms may catalyze as assets broaden their base of institutional and retail participants.

For readers seeking a closer look at BTC-specific dynamics, one recent market note highlighted the outflows from U.S. Bitcoin ETFs and the sentiment implications for crypto markets—an indicator of shifting risk appetite that traders will likely weigh alongside Binance’s evolving governance posture. The conversation around these themes remains part of the broader narrative about how major venues, policy clarity, and macro conditions intersect to shape price discovery and liquidity for the sector.

As Zhao frames his role, the conversation continues to center on what leadership means for a platform that sits at the intersection of finance, technology, and policy. His stance—to observe rather than reclaim a day-to-day leadership role—reflects a broader industry pattern where founders step back to enable institutional governance and professional management, while still influencing the discourse through public commentary and stakeholder engagement. The next chapters for Binance, and for the market at large, will hinge on how regulatory environments evolve in major jurisdictions, how user growth sustains itself, and whether the industry’s evolving narrative around cycles and adoption proves resilient in the face of shifting risk sentiment.

Verification notes: details on Zhao’s legal case and sentencing can be found in public records, and the pardon narrative has been covered in multiple outlets including coverage of the White House’s defense of the pardon. Binance’s December open letter and growth metrics are available from the company’s communications team, and Zhao’s public statements and social commentary remain accessible on his official channels. For readers looking to cross-check market commentary on ETF flows and sentiment, a recent analysis on U.S. Bitcoin ETF outflows provides context for how regulatory and investor dynamics are shaping the near-term price environment.

Sources & verification

CNBC interview clip featuring Zhao on Squawk Box and his remarks about the pardon and leadership transition.
Cointelegraph coverage of Trump’s pardon and the surrounding context for Zhao and Binance.
Binance December open letter outlining user growth to 300+ million and $34 trillion in product trading volume for the year.
Public records and reporting on Zhao’s November 2023 plea and sentencing for AML-related charges.
Davos-related discourse and the embedded tweets reflecting Zhao’s public statements during that event.

What to watch next

Follow Binance’s official updates for any changes in leadership structure or governance decisions and whether Richard Teng or Yi He announce new strategic initiatives.
Monitor regulatory developments in key markets, including any fresh guidance affecting exchanges and AML/KYC requirements.
Track Bitcoin and broader market sentiment in response to macro signals and any shifts in ETF-related inflows or outflows that could influence risk appetite.
Look for additional remarks from Zhao on social media or interviews that could signal his ongoing influence or any potential strategic advisory input.

Why it matters

For users and investors, Zhao’s stance on leadership continuity at Binance provides clarity on how governance may evolve at one of the crypto industry’s largest platforms. The decision to remain a passive shareholder rather than pursue a day-to-day role suggests that Binance’s strategic direction will be driven by a new leadership cohort, potentially accelerating product development, regulatory compliance improvements, and international expansion. The company’s reported growth metrics—more than 300 million users and trillions of dollars in annual trading activity—underscore Binance’s continued influence on liquidity and price discovery across multiple crypto markets. As governance shifts unfold, observers will assess whether the platform can sustain its growth trajectory while navigating a heightened regulatory environment that affects all major exchanges.

Meanwhile, Zhao’s public framing of a possible Bitcoin supercycle adds a diagnostic note to market expectations. The idea that a four-year cycle could be disrupted by favorable policy environments, institutional participation, and broader adoption highlights how macro catalysts interact with on-chain dynamics. If the market interprets this stance as a longer-term bullish signal, liquidity could re-enter risk assets and spur renewed interest in crypto products, including those offered by major exchanges and institutional desks. The narrative around cycles—long a fixture of crypto market lore—could shift toward a more nuanced understanding of how adoption curves, scale, and policy maturity collectively shape long-horizon price trajectories.

From a strategic perspective, the convergence of leadership transition, regulatory scrutiny, and macro sentiment means market participants should remain attentive to how Binance’s governance decisions align with industry-wide priorities, including security, user protection, and transparency. The evolving relationship between founders and professional management continues to color investor confidence and the perceived legitimacy of centralized exchanges in a landscape where decentralization and compliance are increasingly interwoven. In short, the next chapters will test whether Binance can sustain rapid growth while meeting heightened regulatory expectations and continuing to serve as a cornerstone of liquidity for the broader crypto ecosystem.

What matters is not only the actions of Binance’s leadership but also how the market interprets policy signals and corporate governance developments in the months ahead. As the sector seeks clearer rules, demonstrated governance discipline and steady growth will be critical to maintaining trust among users, traders, and institutional participants alike.