A presidential pardon has thrust the world's largest cryptocurrency exchange, Binance, and its founder, Changpeng Zhao, back into the spotlight of the U.S. market. This move not only drove up the price of Binance's native token $Binance Coin (BNB.CC)$ but also sparked intense discussions about the possibility of Binance re-entering the U.S. market, potentially reshaping the competitive landscape of the American digital asset market.
On Thursday local time, Wall Street News reported that White House spokesperson Leavitt stated:
U.S. President Trump, exercising the powers granted by the Constitution, issued a pardon to Mr. Zhao, who was one of the targets prosecuted by the Biden administration in what was called the 'cryptocurrency war'... The Biden administration’s war on cryptocurrencies is over.
Trump himself also told reporters that many people had recommended granting a pardon to Changpeng Zhao and believed that he had committed no wrongdoing.
Many people recommended pardoning him; many said he had done nothing wrong... He was simply persecuted by the Biden administration, which is not a crime.
Following the announcement of the pardon, the price of BNB, the primary trading token on the Binance platform, surged by as much as 8%. This rally also spread across the broader cryptocurrency market, with the benchmark $Bitcoin (BTC.CC)$ 、 $Ethereum (ETH.CC)$ The increase reflects investors' positive reaction to the news.
This dramatic shift has quickly drawn market attention to the possibility of Binance's return to the U.S. market. In 2023, Binance admitted to violating U.S. anti-money laundering laws and paid a fine of up to $4.3 billion, after which it was banned from operating in the United States. Zhao Changpeng also served nearly four months in prison in 2024 as a result. This pardon is seen as removing a major legal obstacle for both him personally and Binance.
Market Optimism and Binance’s Response: 'Thank You, Mr. President'
The most immediate impact of the pardon order was observed at the market level. Jaime Baeza, Managing Partner of crypto hedge fund AnB Investments, stated that this news brought about a 'relief rally.'
Adam McCarthy, a research analyst at Kaiko, also noted that BNB outperformed other assets because the pardon 'removed a potential headwind for Binance and its co-founder.'
Data shows that BNB is the third-largest cryptocurrency after Bitcoin and Ethereum (excluding stablecoins), with a market capitalization of $157 billion. Zhao Changpeng has also been actively involved in the development of the BNB blockchain recently, and his family office, YZi Labs, has invested in multiple digital asset companies holding BNB tokens.
A spokesperson for Binance told MarketWatch: 'We thank President Trump for his leadership and his commitment to making the United States the global capital of cryptocurrencies.'
The Path Back to the U.S.: Opportunities and Regulatory Hurdles
The pardon has opened up possibilities for Binance's return to the world's largest capital market.
Ian Weisberger, CEO of CoinRoutes, a cryptographic algorithm platform, believes that if Binance can resume operations in the United States, it will open up the world's largest cryptocurrency trading venue to American investors, which could be “a game-changer for the U.S. cryptocurrency market.”
According to MarketWatch, one possible route is for Binance to apply to register with the U.S. Commodity Futures Trading Commission (CFTC) as a foreign trading commission. Alexander Blume, CEO of the crypto trading firm Two Blume, said that Binance's return could unleash more liquidity for U.S. institutional investors and bring more competition to the market.
However, the road to return is far from smooth. Seoyoung Kim, a finance professor at Santa Clara University, emphasized in an interview that Binance's return is “far from guaranteed” and still requires operational approval from the U.S. Securities and Exchange Commission (SEC) and CFTC based on the products it plans to offer.
Political Controversy and Interest Scrutiny
This pardon is not without controversy. Critics argue that the move may involve political interest exchanges. Binance is reportedly one of the main supporters of World Liberty Finance, a crypto project initiated by the Trump family, with Binance also participating in its support.
Mark Hays, Deputy Director of Crypto and Fintech Policy at the Washington advocacy group Americans for Financial Reform, told MarketWatch that this pardon reflects “corruption emanating from the White House” and “paints a dark picture of undue influence over U.S. politics.” He believes that if Binance really returns to the U.S. market, it might indicate growing political favoritism.
Despite the controversies and regulatory hurdles, Trump’s pardon undoubtedly adds a key variable to Binance’s future. The market will closely watch whether and how this crypto giant can navigate this unpredictable path of return under the U.S. regulatory framework.
Editor/Doris
