- BNB surged past $1,000 after speculation of a Trump pardon for CZ.
- Senators questioned Binance oversight changes and Trump family financial ties.
- Betting markets spiked as Zhao’s profile update fueled widespread investor excitement.
Rumors of a presidential pardon for former Binance CEO Changpeng “CZ” Zhao have set the crypto market ablaze. Traders watched closely after Zhao quietly updated his X profile, removing the “ex-@binance” tag that marked his 2023 departure. Betting markets jumped on the move. Polymarket odds of a Trump pardon for Zhao soared to 64 percent before settling near 45 percent. Excitement spilled into the market, sending Binance’s BNB token past the historic $1,000 milestone.
Market Erupts on Pardon Buzz
BNB leapt above $1,000 for the first time, briefly overtaking Solana in total value. This surge crowned BNB as the fifth-largest digital asset by market capitalization. The rally carried the energy of a festival, with traders comparing charts to fireworks lighting a summer sky. Investors interpreted Zhao’s social media change as a quiet signal of confidence.
Zhao confirmed in May that his lawyers had submitted a pardon request to President Trump. That admission now feels prophetic as betting activity climbs. Polymarket traders placed record wagers, turning speculation into a high-stakes game of chance. The token’s sudden climb echoed through exchanges worldwide, sparking excitement and fear of missing out.
Zhao’s legal troubles are a matter of public record. He spent four months in federal prison in 2024 after pleading guilty to money laundering charges. The conviction relates to his failure to operate appropriate anti-money laundering programs at Binance, which also agreed to pay $4.3 billion to settle with US authorities. Richard Teng became CEO in November 2023 to lead the company during this period of compliance monitoring.
Political Drama Deepens
The political context contributes depth to the narrative. Democratic Senators Elizabeth Warren, Richard Blumenthal, and Mazie Hirono recently sent a fiery letter to AG Pam Bondi asking if any modifications had been made to the enforcement agreement against Binance. They referenced a series of meetings between Binance executives and Treasury officials, and heat burns bright on these issues.
The Senators raised the alarm about Trump’s family’s financial ties to the exchange through World Liberty Financial, and the crypto project associated with the exchange’s growing connections. Warren mentioned that the administration was able to change the 2023 settlement due to the alleged financial ties between Zhao and the President’s family.
Trump has previously pardoned well-known crypto personalities, such as Silk Road founder Ross Ulbricht and the three co-founders of BitMEX — Arthur Hayes, Benjamin Delo, and Samuel Reed. All of this denotes a major change in US policies, as innovation is now fighting head-to-head with regulation.
Zhao’s quiet profile change has acted as a spark in dry grass — giving rise to both political debate and frenzy in the markets. BNB’s exploding price increases have demonstrated how one thing can spread like wildfire throughout global finance, taking traders along for a ride of speculation and optimism.
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