Trump’s Reported Pardon of Binance’s CZ Signals End to Crypto War

Key Points

• US President, Donald Trump, pardons Binance’s founder, Changpeng Zhao (CZ).
• The BNB price spikes following this bullish news, hinting at a potential market rally.

The crypto industry had a reason to celebrate on October 23. The Wall Street Journal reported that Binance’s founder, Changpeng Zhao (CZ), was pardoned by US President Donald Trump.

The price of BNB experienced a surge following this positive news, suggesting a potential rally in the entire crypto market.

Details of the Pardon

The Wall Street Journal cited sources familiar with the matter when reporting that CZ, the founder of Binance, had been pardoned by Trump.

Trump had reportedly expressed sympathy towards arguments of political persecution related to CZ and others. Karoline Leavitt, the White House press secretary, said that Trump had used his constitutional authority to issue a pardon for CZ, who had been targeted by the previous Biden administration. She declared that the Biden administration’s war on crypto was over.

However, Binance did not immediately comment on the news and neither the exchange nor CZ has provided any statement on the matter.

BNB Price Reaction

Following the announcement of the pardon, the price of BNB reacted positively, recording a significant spike.

At the time of writing, BNB was trading above $1,148, marking a more than 6% increase in the last 24 hours. The digital asset’s price continues to surge.

This news is significant for the entire industry, which has received immense support from Binance and CZ over the years.

CZ continued to support the largest exchange in the ecosystem and the entire industry, even after resigning as Binance’s CEO in 2023.

This pardon could potentially pave the way for a bullish comeback for crypto, despite the recent issues that have shaken the industry, including widespread FUD against Binance.

The positive news comes amidst other multiple important bullish factors, suggesting that the uptrend could still resume.