CZ Says Binance Doesn’t Need Him After Trump Pardon

Zhao said the exchange is performing well under current leadership and no longer needs his involvement beyond that of a passive shareholder. Separately, Coinbase is exploring a potential equity investment in South Korea’s Coinone, which is weighing strategic options that include selling part of its controlling shareholder’s stake.

CZ Declines Binance Comeback

Binance co-founder Changpeng Zhao firmly ruled out any return to the crypto exchange, even after receiving a presidential pardon that removed the legal barriers preventing him from doing so. In a recent interview on Squawk Box, Zhao said that while the pardon has effectively lifted the restrictions tied to his 2023 conviction, he has no intention of stepping back into an operational role at Binance.

Zhao explained that his departure from Binance, though initially difficult, ultimately created a clean break that he now views as healthy for both himself and the company. He described the period surrounding his resignation as “very painful,” as it was not something he welcomed at the time. 

However, with distance and perspective, Zhao said he has come to see the transition as a natural endpoint after seven years of intense leadership at the world’s largest crypto exchange. In his view, returning would not benefit Binance or its leadership, and could even hinder the development of the next generation of executives.

The former CEO explained that Binance continued to perform strongly since he stepped down, and pointed to the steady growth in both users and market share. He credited the current leadership team for maintaining momentum, and said that the company has not missed a beat in his absence. 

In a December open letter that was published by Binance leadership, current CEO Richard Teng and co-founder Yi He revealed that the exchange’s global user base surpassed 300 million, while total trading volume for the year reached an estimated $34 trillion. Zhao referenced these figures as evidence that Binance no longer needs him at the helm, or even in an advisory capacity behind the scenes. 

While he is still a shareholder, Zhao characterized his role today as largely passive, and even joked that when he feels compelled to offer advice, he simply shares his thoughts publicly on social media.

Zhao’s comments also come amid ongoing scrutiny in Washington following his pardon by Donald Trump in October. Some US lawmakers raised concerns about Binance’s perceived connections to Trump-linked crypto ventures, though Trump denied any personal familiarity with Zhao. 

Coinbase Eyes Stake in South Korea’s Coinone

In other exchange-related news, Coinbase is exploring a potential equity investment in South Korea’s Coinone. The country’s third-largest crypto exchange is weighing strategic options that could include selling part of its controlling shareholder’s stake. Local media and industry sources say discussions are still preliminary, but the possibility of a deal has attracted some attention.

According to Korean reports, Coinone has effectively put itself on the market, with talks centered on the holdings of Chairman Cha Myung-hoon. Cha controls 53.44% of the exchange through a combination of his personal stake and his holding company, The One Group. Speculation around a transaction intensified after Cha returned to frontline management just four months after stepping down as chief executive, which many people interpreted as preparation for a potential stake sale or restructuring.

Coinone publicly framed Cha’s return as a push to strengthen the exchange’s technological competitiveness, particularly as it approaches a double-digit share of Korea’s crypto trading market. The company pointed out investments in areas like artificial intelligence and infrastructure upgrades as part of that strategy. However, ongoing financial losses continue to weigh on Coinone’s valuation. 

Seoul Economic Daily estimated the exchange’s book value at roughly 75.2 billion won, or about $52 million, at the end of the third quarter. This is believed to be below the acquisition cost paid by gaming group Com2uS, which built a 38.42% stake between 2021 and 2022.

Against this backdrop, industry sources say Coinbase is planning a visit to South Korea this week, with meetings scheduled with major local players including Coinone. Coinbase is reportedly assessing partnerships and investments that would allow it to build products aligned with Korea’s strict regulatory framework and won-denominated trading system.

Coinone has also sought to stand out through product innovation, launching what it described as South Korea’s first flexible Bitcoin staking service in August of 2025, allowing users to earn rewards without locking up their assets. While the company says discussions with potential partners are still open-ended, with no timeline or buyer decided, a possible Coinbase tie-up would land at a moment when Korea’s crypto exchange map is shifting and global players are watching closely for a way in.