Trump Pardons Binance Founder CZ, BNB Rises 5%

Binance founder Changpeng Zhao confirmed in an October 23 social media post that he has received a pardon from US President Donald Trump, marking a dramatic reversal in the legal saga that saw the crypto executive plead guilty to money laundering charges in November 2023. Zhao expressed gratitude for the presidential action, stating: “Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice. Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.”

The market response was immediate and positive, with BNB’s price surging 5.38% to $1,132 following the announcement, according to CryptoSlate data. Despite the rally, the digital asset remains 17% below its all-time high of $1,370, suggesting potential for further gains as the crypto community digests the implications of Zhao’s legal clearance. The pardon represents a significant victory for Zhao, who completed a four-month prison sentence in September 2024 and had faced ongoing restrictions on his business activities.

Cardano founder Charles Hoskinson was among the first prominent crypto figures to celebrate the pardon, framing it as a correction of what he described as systematic targeting of the industry. Hoskinson wrote: “The weaponization of the justice department against our industry and its entrepreneurs should have never happened. It was and still is a deep wound that will take a long time to heal.” His comments reflect broader sentiment within the crypto community that the previous administration had engaged in what many characterized as a “war against crypto.”

The pardon follows nearly a year of quiet lobbying from Zhao’s legal team, who acknowledged in May that they had petitioned the US government for clemency. Traditional media outlets had speculated that the effort might involve private financial links between Trump-affiliated entities and Binance, or possibly a cooperation deal targeting other crypto executives such as Tron founder Justin Sun. However, Zhao publicly rejected those claims, labeling them politically charged and “without factual basis.”

The news surrounding Zhao’s pardon has spilled into trading markets, where crypto trader Garrett Jin reportedly wagered on prediction market Polymarket that Trump would pardon Zhao this year. With the news now confirmed, that single bet has turned a modest stake into roughly $56,000 in gains, according to blockchain analysis platform Arkham Intelligence. This successful prediction follows Jin’s earlier market-moving trades that demonstrated uncanny timing around presidential announcements.

Earlier this month, Jin opened large short positions on Bitcoin and Ethereum on Hyperliquid moments before Trump announced sweeping 100 percent tariffs on Chinese imports. Those leveraged trades, worth more than $700 million, yielded profits estimated between $160 million and $200 million as prices collapsed in the hours following the announcement. The repetition of such well-timed bets—first ahead of a presidential tariff post and now preceding a reported pardon—has reignited long-standing suspicions of insider access within the presidency.

Despite Jin’s firm denial of any Trump-family connection, the coincidences illustrate a growing reality in crypto markets: every policy move from Washington now carries market consequences that unfold in seconds. The rapid price movements following both the tariff announcement and the Zhao pardon demonstrate how presidential decisions have become immediate catalysts for crypto volatility, creating opportunities for those with advance knowledge or exceptional predictive abilities.

Since his release from prison in September 2024, Zhao has indicated he will not return to Binance but instead focus on new ventures in blockchain research, AI investments, and his education nonprofit, Giggle Academy. This strategic pivot marks a significant departure from his previous role leading one of the world’s largest cryptocurrency exchanges and suggests a broader vision for his post-Binance career.

The pardon effectively removes the legal cloud that had hung over Zhao since his November 2023 guilty plea, potentially opening doors for more mainstream partnerships and investments in his new endeavors. His commitment to making America “the Capital of Crypto” aligns with broader industry efforts to establish clearer regulatory frameworks and more favorable treatment for digital asset innovation in the United States, positioning him as a potential ambassador for crypto adoption despite his previous legal challenges.