Binance-Linked Token Hits Record With Spotlight on Zhao Pardon

A cryptocurrency with ties to Binance Holdings Ltd. struck an all-time high as speculation builds that the digital-asset exchange’s co-founder Changpeng Zhao will be granted a US presidential pardon.

The BNB token, the fifth-largest by market value, surged over the weekend to reach $1,083 on Sunday, according to data compiled by Bloomberg. BNB retreated on Monday alongside Bitcoin and Ether in a broad market selloff.

The record came against a backdrop of heightened expectations that Zhao will receive a pardon from US President Donald Trump. The former Binance Chief Executive Officer, who served a four-month prison sentence in 2024 as part of a $4.3 billion settlement with US authorities, said on a podcast in May that he was seeking a pardon from Trump. The odds of that happening hit a high of 64% on September 13 before pulling back to 50%, according to data on online betting platform Polymarket.

Regulatory developments in the US likely to benefit Binance were one factor that helped lift BNB to a record, according to Patrick Horsman, co-founder of Build and Build Corp. “Rumors of CZ’s possible pardon fuel further speculation,” he said.

“The market believes that a pardon could help CZ, Binance, and BNB clear most regulatory concerns,” said Amanda He, chief investment officer at ChainUp Investment, which supports token creation on BNB Chain. Digital-asset treasury companies hoarding BNB tokens are also boosting demand, she added.