After Trump's pardon, Binance's BNB surged by 8%, driving up mainstream cryptocurrencies like Bitcoin and Ethereum.
Written by: Long Yue, Wall Street Insights
A presidential pardon has once again brought the world's largest cryptocurrency exchange, Binance, and its founder Zhao Changpeng back into the spotlight of the U.S. market. This move not only propelled the price of Binance's native token BNB but also sparked intense discussions about Binance's potential return to the U.S. market, which could reshape the competitive landscape of the American digital asset market.
On Thursday local time, Wall Street Insights reported that White House spokesperson Levitt stated:
U.S. President Trump has issued a pardon to Mr. Zhao based on his constitutional powers. He is one of the targets of the Biden administration's so-called cryptocurrency war… The Biden administration's war on cryptocurrency is over.
Trump himself told reporters that Zhao Changpeng was recommended for a pardon by many people and believed he had committed no wrongdoing.
Many people suggested pardoning him, many said he committed no crime… He was merely persecuted by the Biden administration; this is not a crime.
Following the news of the pardon, the price of BNB, the main trading token on the Binance platform, surged by as much as 8%. This upward trend also spread across the entire cryptocurrency market, with the market benchmark Bitcoin rising by 3% and Ethereum by 3.7%, reflecting investors' positive reaction to the news.
This dramatic shift has quickly focused market attention on the possibility of Binance's return to the U.S. market. Binance admitted in 2023 to violating U.S. anti-money laundering laws and paid fines of up to $4.3 billion, subsequently being banned from operating in the U.S. Zhao Changpeng himself is also serving nearly four months in prison in 2024 as a result. The pardon is seen as removing a significant legal obstacle facing him and Binance.
Market Optimism: Binance Thanks the President
The most direct impact of the pardon is reflected in the market. Jaime Baeza, managing partner of the crypto hedge fund AnB Investments, stated that this news brought a "relief rebound."
Adam McCarthy, a research analyst at Kaiko, also pointed out that BNB's gains exceeded those of other assets because the pardon "eliminated a potential obstacle for Binance and its co-founder."
Data shows that BNB is the third-largest cryptocurrency (excluding stablecoins) after Bitcoin and Ethereum, with a market capitalization of up to $157 billion. Zhao Changpeng has also been actively involved in the development of the BNB blockchain, and his family office YZi Labs has invested in several 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 U.S. the world's cryptocurrency capital."
The Road 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 the crypto algorithm platform CoinRoutes, believes that if Binance can resume operations in the U.S., it will open the largest cryptocurrency trading venue for American investors, which could "change the game for the U.S. cryptocurrency market."
According to MarketWatch, one possible path is for Binance to apply to register as a foreign trading commission with the U.S. Commodity Futures Trading Commission (CFTC). Alexander Blume, CEO of crypto trading firm Two Blume, stated that Binance's return could release 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 needs to apply for 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
The pardon is not without controversy. Critics argue that this move may involve a political quid pro quo. Binance is reportedly one of the main supporters of the crypto project World Liberty Finance, which was initiated by the Trump family and in which Binance also participated.
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 from the White House" and "paints a dark picture of American politics being improperly influenced." He believes that if Binance truly returns to the U.S. market, it may indicate growing political favoritism.
Despite facing controversy 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 to return under the U.S. regulatory framework.
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