Polymarket sees 24% chance CZ returns to Binance by year-end

Zhao, pardoned by U.S. President Donald Trump on Oct. 23, issued a note of thanks, writing that the action upheld "America's commitment to fairness, innovation, and justice," and pledging to "help make America the Capital of Crypto and advance web3 worldwide."

Binance CEO Richard Teng called the pardon "a moment to reflect on how far the crypto industry has come," adding that Zhao's focus on users "laid the foundation for so much of what exists today." A Binance representative described the pardon as "incredible news" and reiterated the platform's focus on security and access.

Founded in 2020 and based in New York City, Polymarket offers markets on elections, macro data, policy decisions and crypto prices. The company received clearance from the Commodity Futures Trading Commission to return to the U.S. market in early September.

In late August, a venture fund with Donald Trump Jr. as a partner invested in the platform, and in early October Polymarket secured a $2 billion investment from Intercontinental Exchange, parent of the New York Stock Exchange. An earlier government inquiry into its election markets was later closed within months of Trump taking office.

As GNcrypto wrote previously, Zhao stepped down as Binance CEO in November 2023 after U.S. authorities brought anti-money-laundering charges that followed an SEC lawsuit that June. He pleaded guilty to failing to maintain adequate AML controls, paid a $50 million fine and, in April 2024, received a four-month prison sentence. Binance agreed to pay $4.3 billion.

The Oct. 23 pardon erased Zhao's 2023 Bank Secrecy Act conviction and lifted court-ordered limits on executive roles, with any return to Binance subject to regulatory review.