As Bitcoin suffers one of its steepest monthly pullbacks this year, Binance CEO Richard Teng spent Friday reflecting on the market’s health. But a different question dominated the room: what happens next with Changpeng “CZ” Zhao following his presidential pardon?
Teng attributed Bitcoin’s roughly 21% November decline to “risk-off sentiment” and widespread deleveraging across asset classes. He described the correction as “healthy” and noted that Bitcoin still trades at more than double its 2024 levels.
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Market Slump Takes Centre Stage, but CZ Still Looms Large
When asked about Zhao’s status, Teng reiterated that there has been no decision regarding his potential return to Binance.
“CZ has always been a controlling shareholder… he has more shareholder rights associated with that,” Teng said at the Sydney media roundtable. “Day to day, I work very closely with our seven-member board, including three independent directors. We continue to chart the future strategy of the company.”
Zhao, who served nearly four months in prison after pleading guilty to violating U.S. anti-money-laundering laws, received a presidential pardon from Donald Trump on 23 October 2025.
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According to legal experts, the pardon removes the federal criminal conviction and related criminal restrictions, allowing Zhao to hold shares and even return to management if the company chooses — and if other jurisdictions do not impose separate limitations. Corporate obligations resulting from Binance’s settlement with U.S. authorities, including long-term compliance monitoring, remain fully in place.
Shortly after receiving the presidential pardon, Zhao published a statement on X, writing:
“Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice. Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.”
Binance declined to comment on Zhao’s post.
Broader Market Context
The crypto downturn comes amid a global risk-off shift, driven by concerns over valuations in AI-linked equities and the possibility of a broader correction, despite strong earnings from major U.S. companies such as Nvidia.
Despite recent declines, Teng noted that Bitcoin still trades at more than double its 2024 levels, supported by institutional inflows earlier in the year.
