U.S. President Donald Trump has pardoned Binance founder Changpeng Zhao (CZ), a surprise move that’s stirred both excitement and skepticism across the crypto world.
Zhao, who stepped down as CEO in 2023 after pleading guilty to violating U.S. money-laundering laws, was serving a short sentence and paying billions in fines as part of Binance’s settlement with regulators. His pardon now wipes that slate clean — at least legally — but the industry is split on what comes next.
A shock to the market
The crypto community woke up to the news early Wednesday, and the reaction was instant. Bitcoin jumped above $67,000 within hours, and Binance’s native token BNB gained more than 8% on the day.
“It’s symbolic — it shows the U.S. might finally be ready to reset its relationship with crypto,” said one trader on X (formerly Twitter). Others warned it could backfire if regulators feel sidelined.
What this means for Binance
For Binance, the world’s largest crypto exchange, the pardon could mark a turning point. The company has spent the past two years tightening compliance rules and trying to rebuild trust after a string of investigations and market exits.
Whether the exchange can return to full U.S. operations remains unclear. The SEC’s lawsuits against Binance.US are still active, and licensing requirements haven’t changed. But the pardon could make future negotiations easier — or at least less hostile.
A political and market signal
For Trump, the move fits a broader campaign message: backing innovation and rejecting what he calls “over-regulation.” For crypto investors, it’s a rare piece of good news in a year dominated by SEC crackdowns and token delistings.
Still, some policy analysts believe the gesture might be more political than practical. “A pardon doesn’t erase the underlying issues with compliance and oversight,” said a Washington-based fintech lawyer. “It just resets the narrative.”
The bigger picture
Either way, Binance is back in headlines — and the timing couldn’t be better for the exchange. With markets rebounding and mainstream investors returning to crypto, the company may see this as its chance to reassert leadership.
Whether it succeeds will depend on how it handles the next few months.
For now, the message from the markets is simple: crypto just got a second wind.
