Binance founder Changpeng Zhao visited the World Economic Forum in Davos, giving his first exclusive interview to CNBC since his release from prison and receiving a full pardon.
The former head of the world’s largest crypto exchange opened up about life behind bars, his actual relationship with the new White House administration, and the market’s future. Zhao is confident that the traditional four-year cycles are broken, and the industry is poised for explosive growth.
Bitcoin Enters a Supercycle
Zhao remains a hodler and avoids active trading, preferring to hold Bitcoin and BNB. In his view, intraday trading is pointless for a systems builder. Regarding market prospects, the Binance founder issued a bold prediction: 2026 will see a supercycle.
Traditionally, Bitcoin follows four-year cycles tied to the halving. But the current landscape is unique.
Zhao attributes the coming break in historical patterns to a radical shift in US policy. The new administration’s pro-crypto stance and the subsequent reaction from other nations create a foundation for unprecedented growth that will extend far beyond a standard correction after hitting all-time highs.
“I Did Not Invest in Trump’s Project”
Zhao categorically denied rumors that his pardon resulted from backroom deals or funding for Donald Trump’s family projects. The media misinterpreted transactions related to World Liberty Financial.
The issue was not Binance investing in the Trumps’ venture, but rather accepting payments. Partners proposed paying in USD1 stablecoins. Zhao emphasized: accepting $100 as payment does not constitute an investment in the issuer. The exchange simply accepted a liquid asset, which it converts as needed. He holds no direct business relationship with the president’s family.
Zhao stated he only filed his pardon petition in March 2025 after seeing speculation in the press. No personal meetings with Trump took place:
“Even in Davos, I saw the president only from the audience, about 10–15 meters away,” he said.
Prison Experience Was Not What He Expected
Lawyers had assured Zhao that no one in US history had ever served prison time for a Bank Secrecy Act violation. He anticipated house arrest, similar to BitMEX founder Arthur Hayes, but instead received a four-month prison sentence.
Zhao’s first cellmate was a man convicted of double murder who had already served 12 years with 18 more to go. Zhao described him as a “nice guy.”
According to Zhao, the hardest part of prison was the first day, involving a humiliating full strip search, which he described as quite brutal but necessary for survival in the system.
Zhao Does Not Run Binance and Seeks No Role
Despite a full and unconditional pardon removing all restrictions, Zhao has no intention of returning as Binance CEO. He now positions himself as a passive shareholder. The current team is executing well, and the exchange’s market share is growing. If the founder wants to give advice, he simply posts it on Twitter (X).
Comparing Binance and Coinbase, Zhao noted a clear division of influence. Coinbase dominates the US, while Binance leads the global market, covering the remaining 80% of global GDP.
The Main Mistake
When asked what he would change if he could go back in time, Zhao did not hesitate. His biggest regret is serving American users at the company’s inception.
“I would have blocked users from the US from day one,” he stated.
He explained that as a small startup from Shanghai, they lacked the legal expertise to grasp the full risks of US regulation. The realization of the Bank Secrecy Act violation came only six years later. A complete rejection of the American market from the very beginning would have saved the company and him personally from years of litigation and imprisonment.
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