Digital assets associated with United States President Donald Trump and Binance co-founder Changpeng Zhao experienced gains on Thursday after news of the President granting a presidential pardon to CZ was reported in the mainstream media.
BNB, the native digital asset of Binance, led the top performance of the day by market cap, seeing an uptick of 1.2% in the past 24 hours to trade around $1,127, according to data from CoinMarketCap. The Trump family-backed World Liberty Financial (WLFI) was not left out. The digital asset, associated with Binance’s extended network, registered a 12.5% rise from the past day to trade at $0.142.
The official TRUMP meme coin also saw a 2% rise, with the digital asset exchanging hands above $5. Another meme coin called 4, which was inspired by Zhao’s frequent use of the number in his social media posts, also surged by 30% to trade around $0.11. Even Aster, the decentralized exchange launched in October, supported by the former Binance CEO, saw a 10% surge that took the digital asset back to levels above $1.14.
Digital assets surge as Trump pardons former Binance executive
Binance co-founder Changpeng Zhao had been sentenced in April 2024 to four months in federal prison after pleading guilty to violating US money laundering laws. He was convicted after a lengthy investigation that saw Binance plead guilty and agree to pay $4.3 billion in fines for allowing users to evade sanctions and compliance requirements. Zhao completed his sentence in September 2024.
As reported by Cryptopolitan, the pardon issued this week by President Trump effectively clears his record, allowing him to re-enter the financial industry if permitted by regulators. “This was an overly prosecuted case by the Biden administration. So the president wants to correct this overreach of the Biden administration’s misjustice, and he exercised his constitutional authority to do so,” White House Press Secretary Karoline Leavitt said in a presser yesterday.
According to reporting from the Wall Street Journal, Binance had spent nearly a year advocating for a pardon on Zhao’s behalf. The company reportedly assembled a team of legal and political advisors, lobbying efforts to prove Zhao’s cooperation with authorities and the exchange’s compliance reforms. Binance received a $2 billion investment from Abu Dhabi-based sovereign wealth fund MGX, which was reportedly paid in World Liberty Financial’s USD1 stablecoin.
Shortly after the news of his presidential pardon flashed on headlines, Zhao posted a message on X appreciating the presidential act. “I am deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice,” he wrote. His comments were supported by some high-profile figures in the industry who congratulated him, while there were also critics who questioned the pardon.
