Trump pardons Changpeng Zhao, Binance may return to the U.S., changing the landscape of the U.S. digital currency market.

``` A presidential pardon order has thrust Binance, the world’s largest cryptocurrency exchange, and its founder Changpeng Zhao, back into the spotlight of the U.S. market. This move not only drove Binance’s native token BNB to spike in value, but also triggered fierce discussion about Binance’s possible return to the U.S. market, potentially reshaping the competitive landscape of the U.S. digital asset market. On Thursday local time, Wallstreetcn wrote that White House spokesperson Levitt stated: President Trump, exercising powers granted by the Constitution, issued a pardon to Mr. Zhao. He was one of the targets prosecuted by the Biden administration in the so-called cryptocurrency war... The Biden administration’s war on crypto is now over. Trump himself also told reporters that Changpeng Zhao was recommended for a pardon by many people, and that he believes Zhao did nothing wrong. Many people suggested pardoning him, many say he has committed no crime at all... He was merely persecuted by the Biden administration—this is not a crime. After the pardon news broke, the price of BNB, the main trading token on the Binance platform, surged as much as 8%. This upward momentum spread across the entire crypto market, with market bellwether Bitcoin rising 3% and Ethereum up 3.7%, reflecting investors’ positive reaction to the news. This dramatic shift has quickly focused market attention on the possibility of Binance returning to the U.S. market. Binance admitted to violating U.S. anti-money laundering laws in 2023, paid fines as high as $4.3 billion, and was subsequently banned from operating in the United States. Changpeng Zhao himself served nearly four months in prison in 2024. The pardon is seen as removing a major legal obstacle facing both Zhao personally and Binance. Market optimism, Binance: Thank you, President The most immediate impact of the pardon is seen at the market level. Jaime Baeza, managing partner at crypto hedge fund AnB Investments, said the news brought about a “relief rally.” Adam McCarthy, a research analyst at Kaiko, also noted that BNB’s gains outpaced other assets because the pardon “eliminated a potential overhang for Binance and its co-founder.” Data shows that BNB is the third largest cryptocurrency after Bitcoin and Ethereum (excluding stablecoins), with a market value as high as $157 billion. Changpeng Zhao has also been actively involved in building the BNB blockchain recently, and his family office YZi Labs has invested in several digital asset companies holding BNB tokens. A Binance spokesperson told MarketWatch: “We are grateful for President Trump’s leadership and his commitment to making the United States the crypto capital of the world.” The road back to the U.S.: Opportunities and regulatory hurdles The pardon has opened up room for imagination for Binance's return to the world’s largest capital market. Ian Weisberger, CEO of crypto algorithm platform CoinRoutes, believes that if Binance can resume operations in the U.S., it will open the world’s largest crypto trading platform to U.S. investors, potentially “changing the game for the American crypto market.” According to MarketWatch, one possible route is for Binance to apply for registration as a foreign trading commission with the U.S. Commodity Futures Trading Commission (CFTC). Alexander Blume, CEO of crypto trading company Two Blume, said Binance’s return could release more liquidity for U.S. institutional investors and bring more competition to the market. However, the road back is far from smooth. Seoyoung Kim, a finance professor at Santa Clara University, emphasized in an interview that Binance’s return is “far from guaranteed” and that it still needs to apply for operational approval from both the SEC and CFTC, depending on the products it plans to offer. Political controversy and interests examined The pardon is not without controversy. Critics argue that this move may involve political quid pro quo. Binance is reportedly one of the main supporters of the crypto project World Liberty Finance, which was launched by the Trump family and supported by Binance. Mark Hays, Associate Director of Crypto and Fintech Policy at the Washington advocacy group Americans for Financial Reform, told MarketWatch that the pardon reflects “corruption from the White House” and “paints a dark picture of U.S. politics being unduly influenced.” He believes that if Binance really returns to the U.S. market, it could indicate growing political favoritism. Despite controversy and regulatory hurdles, Trump’s pardon has undoubtedly added a key variable to Binance’s future. The market will closely watch whether and how this crypto giant can complete its highly uncertain return under the U.S. regulatory framework. Risk Warning and Disclaimer The market has risks, and investment needs caution. This article does not constitute personal investment advice and has not taken into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinion, view, or conclusion in this article is suitable for their particular situation. Investing based on this article is at your own risk. ```