A cryptocurrency with ties to Binance Holdings Ltd., called the BNB token, hit a record high amid growing speculation that Binance co-founder Changpeng Zhao (“CZ”) will receive a presidential pardon.
Thank you for reading this post, don't forget to subscribe!The token, the fifth-largest by market value, soared to an all-time high of $1,083 on Sunday before falling back on Monday. This record came as anticipation built that Donald Trump might pardon Zhao, who was sentenced to four months in prison in 2024 as part of a $4.3 billion settlement with US authorities for money-laundering and sanctions violations.
According to online betting platform Polymarket, the odds of a pardon for CZ peaked at 64% on September 13 before declining to 50%. The market believes that a pardon could help Binance and its token clear up most regulatory issues. This speculation was also fueled by a recent change to Zhao’s X profile, which some traders interpreted as a hint of his return.
The potential pardon is significant for Binance, as the company is currently under scrutiny from Senator Elizabeth Warren regarding its 2023 settlement with the US Justice Department. Binance is also reportedly in talks to remove its external compliance monitor. Notably, Binance has also helped develop a stablecoin for a Trump family venture, World Liberty Financial Inc.
