Presidential Pardon Issued for Binance Founder
On October 23, the crypto industry is abuzz with news that U.S. President Donald Trump has pardoned Binance's founder, Changpeng Zhao, widely known as CZ. This development, reported by The Wall Street Journal, has led to a significant price spike for BNB and could potentially trigger a broader market rally.
According to sources familiar with the matter cited by The Wall Street Journal, President Trump recently conveyed to his advisors his sympathy for arguments suggesting political persecution concerning CZ and other individuals. The White House Press Secretary, Karoline Leavitt, reportedly stated that Trump utilized his constitutional authority to issue a pardon for CZ, asserting that the former Binance CEO had been subjected to persecution by the previous Biden administration. Leavitt further indicated that the Biden administration's "war on crypto" is now concluded.
At the time of this report, neither Binance nor CZ had officially commented on the news via X, and Binance did not immediately respond to a request for comment from The Wall Street Journal.
BNB Price Surges Following Pardon News
The price of BNB has reacted positively to the news, recording a notable spike. As of this writing, BNB is trading above $1,148, marking an increase of over 6% in the past 24 hours, with its price continuing to trend upward.
This development is considered significant for the entire cryptocurrency industry, which has benefited immensely from the support of Binance and its founder over the years. Despite stepping down as Binance's CEO in 2023, CZ has continued to champion the largest exchange in the ecosystem and the broader industry.
CZ's pardon could pave the way for a bullish resurgence in the crypto market, even amidst recent challenges and negative sentiment that have affected the industry, including considerable FUD directed at Binance. This optimistic news, combined with other positive factors, suggests that the potential for a strong "Uptober" rally may still be on the horizon.