Binance-linked token hits record with spotlight on Zhao pardon

A cryptocurrency with ties to Binance Holdings Ltd. struck an all-time high as speculation builds that the digital-asset exchange’s co-founder Changpeng Zhao will be granted a US presidential pardon.

The BNB token, the fifth-largest by market value, surged over the weekend to reach $1,083 on Sunday, according to data compiled by Bloomberg. BNB retreated on Monday alongside Bitcoin and Ether in a broad market selloff.

The record came against a backdrop of heightened expectations that Zhao will receive a pardon from US President Donald Trump. The former Binance Chief Executive Officer, who served a four-month prison sentence in 2024 as part of a $4.3 billion settlement with US authorities, said on a podcast in May that he was seeking a pardon from Trump. The odds of that happening hit a high of 64% on September 13 before pulling back to 50%, according to data on online betting platform Polymarket.

Regulatory developments in the US likely to benefit Binance were one factor that helped lift BNB to a record, according to Patrick Horsman, co-founder of Build and Build Corp. “Rumors of CZ’s possible pardon fuel further speculation,” he said.

Zhao, who stepped down as Binance CEO in 2023, last week edited his X profile in a move traders interpreted as hinting at a return.

Binance and YZi Labs, Zhao’s family office, didn’t immediately respond to requests for comment.

For Binance, the implications of a Zhao pardon are significant. Senator Elizabeth Warren recently pressed the US Justice Department on whether Binance is adhering to its 2023 settlement agreement with federal prosecutors over money-laundering and sanctions violations. The company is said to be moving toward a potential deal with the US Justice Department that would allow it to shed an external compliance monitor.

Binance, meanwhile, has helped to develop a stablecoin issued by World Liberty Financial Inc., one of Trump’s family ventures, Bloomberg News reported previously.

“The market believes that a pardon could help CZ, Binance, and BNB clear most regulatory concerns,” said Amanda He, chief investment officer at ChainUp Investment, which supports token creation on BNB Chain. Digital-asset treasury companies hoarding BNB tokens are also boosting demand, she added.

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