Changpeng Zhao, the individual who founded Binance, has publicly stated on the social platform X (formerly Twitter) on October 23rd that he is the recipient of a pardon issued by former U.S. President Donald Trump.
Zhao’s statement included the following:
“I am extremely thankful for the pardon granted today and to President Trump for reaffirming America’s dedication to equity, groundbreaking ideas, and the pursuit of justice. I will dedicate myself to helping make the United States the center of the crypto world and promote the development of Web3 across the globe.”
Charles Hoskinson, the creator of Cardano, expressed his congratulations to Zhao on achieving this significant event. Hoskinson indicated that the former U.S. President had effectively rectified a significant injustice stemming from the preceding administration’s confrontational stance towards the cryptocurrency sector.
Hoskinson further elaborated:
“The strategic exploitation of the Department of Justice against our industry and those who create within it should never have happened. It created, and continues to create, profound wounds that will require considerable time to heal fully.”
Data compiled by CryptoSlate indicates that this news development catalyzed a 5.38% increase in the price of BNB, bringing it to $1,132 at the time of this report. Currently, the digital asset is trading approximately 17% below its recorded peak value of $1,370.
Importantly, the announcement comes after nearly a year of behind-the-scenes lobbying efforts on the part of Zhao’s legal representatives.
Back in May, Zhao himself admitted that his legal team had formally submitted a request for executive clemency to the U.S. government. Speculation soon surfaced in mainstream media suggesting that these attempts might involve undisclosed financial connections between entities linked to the former President and Binance, or potentially an agreement to cooperate on investigations targeting other high-profile figures within the crypto space, such as Justin Sun, the founder of Tron.
Zhao vehemently denied these allegations, characterizing them as being politically motivated and “devoid of any factual underpinning.”
It’s worth recalling that Zhao stepped down from his position at Binance in November of 2023 following his admission of guilt to a charge of money laundering in the United States. He subsequently served a four-month prison sentence and was released from custody in September of 2024.
Since his release, Zhao has stated that he will not return to the operations of the exchange. Instead, he plans to dedicate his efforts to innovative projects focused on blockchain technology research, strategic investments in artificial intelligence, and the ongoing development of his educational non-profit, Giggle Academy.
Suspicions of Inside Information?
Separately, news developments surrounding Zhao’s freedom have now reached the attention of market observers and traders.
On the prediction market platform Polymarket, it is reported that a cryptocurrency trader named Garrett Jin placed a wager on the likelihood of Trump granting Zhao a pardon sometime during the current year.
As the pardon has now been publicly announced, that one particular wager has transformed what was a modest amount into approximately $56,000 in returns, according to the blockchain analytics firm Arkham Intelligence.
Jin has already established a reputation within crypto circles for effectively predicting major directional market changes with what some consider an almost uncanny accuracy. Earlier this month, he initiated large short positions on Bitcoin and Ethereum through the Hyperliquid platform, doing so just prior to the time former President Trump unveiled sweeping tariff policies aimed at imports from China, setting them at 100 percent.
These highly leveraged trades, which totaled more than $700 million in notional value, delivered profits that have been estimated to range between $160 million and $200 million, resulting from the sharp declines in market prices that occurred shortly after the announcement.
The consistent occurrence of trades timed so accurately, initially occurring prior to a presidential announcement about tariffs and subsequently before the pardon, has led to renewed suspicions regarding potential leaks of insider information originating within the former President’s administration.
However, Jin has strongly refuted the existence of any connections whatsoever to the Trump family.
Regardless, these two coincidental events illustrate a burgeoning dynamic within the cryptocurrency space: any and all policy actions originating in Washington, D.C., now have instant and substantial market ramifications that unfold in a matter of moments.