By Anurag Kumar
Copyright timesnownews
BNB, the cryptocurrency created by Binance Holdings, surged to a record high over the weekend as traders bet on the possibility of a presidential pardon for the exchange’s co-founder, Changpeng “CZ” Zhao. Data compiled by Bloomberg showed the token climbed to $1,083 on Sunday, before slipping back on Monday in a broader selloff that also hit Bitcoin and Ether. BNB is currently the world’s fifth-largest digital asset by market value. Speculation around CZ’s pardon Zhao, who stepped down as Binance CEO in 2023, served a four-month prison term in 2024 as part of a $4.3 billion settlement with US authorities. In May, he revealed on a podcast that he was seeking a pardon from US President Donald Trump – comments that quickly set off speculation in crypto markets. Betting activity mirrored the frenzy. On prediction platform Polymarket, the odds of Zhao receiving a pardon climbed as high as 64% on September 13, before settling at around 50%. Patrick Horsman, co-founder of Build and Build Corp, told Bloomberg: “Rumors of CZ’s (Changpeng Zhao) possible pardon fuel further speculation,” adding that regulatory shifts in the US that may work in Binance’s favor also supported the rally. Why a pardon matters Analysts say a pardon would have outsized implications for Binance, which continues to face questions in Washington. Senator Elizabeth Warren recently pressed the Justice Department to confirm whether the exchange was in full compliance with the terms of its 2023 settlement over money-laundering and sanctions violations. At the same time, Binance may soon finalise an agreement with the Justice Department to remove an external compliance monitor, according to reports cited by Bloomberg. Binance also maintains ties to Trump-linked ventures. Earlier this year, Bloomberg News reported that the company assisted in the development of a stablecoin issued by World Liberty Financial Inc., a firm connected to Trump’s family. Token supply and Zhao’s wealth CoinMarketCap data shows that about $560 million worth of BNB is currently held by accumulators, equal to around 0.4% of the token’s total supply. BNB itself was launched in 2017 through an initial coin offering, with about 80 million tokens allocated to Binance’s founding team. Today those holdings are worth roughly $83 billion. Zhao’s personal fortune has swelled alongside the rally. According to Bloomberg’s Billionaires Index, his net worth now stands at $54.6 billion, making him the wealthiest individual in the cryptocurrency industry. Get Latest News live on Times Now along with Breaking News and Top Headlines from Business, Companies and around the world.
