At the time of writing, the value of BNB Coin experienced a rapid recovery to $1,140 following news of former President Donald Trump’s pardon of Binance founder, Changpeng Zhao, commonly known as CZ. As one of the most influential figures in the cryptocurrency world, CZ had previously been penalized by the U.S. Department of Justice in the wake of the FTX collapse. The unexpected turn of events comes after CZ even spent a period of time in prison, yet Trump’s recent intervention has reversed this situation.
Breaking News: CZ Pardon
Recently, Trump issued a pardon for CZ, the co-founder of Binance. This act of clemency was anticipated throughout the year, and now it has come to pass. The listing of BNB Coin by both Coinbase and Robinhood this week was perceived as a leaked indication of this good news. Furthermore, Gasparino had already mentioned a fortnight ago about the impending pardon.
Karoline Leavitt, the White House Press Secretary, criticized the Biden administration’s hostility towards cryptocurrencies in a strong statement, confirming that Trump had pardoned CZ.
“President Trump exercised his constitutional power to pardon Zhao, who was prosecuted by the Biden administration in their war against cryptocurrencies.”
Implications of the Pardon for Binance
The key question remains: will CZ return to lead Binance after this pardon? Although this day marks a significant milestone for CZ, returning to Binance is technically possible. As the largest shareholder and founder of Binance, CZ had previously agreed to a lifetime prohibition from the exchange as part of a U.S. government deal. However, this pardon hints at a potential revision to the agreement, suggesting that CZ might indeed return as he has already re-engaged with the crypto world.
BNB’s price quickly surged following the announcement of the pardon.
