BNB coin, native coin of the BNB Chain ecosystem (BNB) surged 5.3% on Wednesday to around $1,128 following news that Binance co-founder Changpeng “CZ” Zhao received a presidential pardon from Donald Trump.
The move came shortly after the White House press secretary Karoline Leavitt confirmed the pardon, sparking a sharp rally across Binance-linked tokens and exchange-affiliated assets.
Within minutes of the announcement, BNB spiked from intraday lows near $1,070 to above $1,130, erasing a week of losses and pushing its market cap back above $156 billion.
Bitcoin (BTC) hovered around $109,700, up 1.3% in 24 hours, while Ether (ETH) traded near $3,854. The total crypto market cap stood at $3.76 trillion, rising 0.4% on the day, with BTC dominance at 57.8% and ETH at 12.3%.
This also comes as BNB was listed on both Robinhood and Coinbase on the same day, a move Binance founder Changpeng “CZ” Zhao highlighted on X, calling attention to the token’s growing mainstream reach.
BNB’s deep ties to Binance and CZ
BNB (originally “Binance Coin”) was launched by Binance in 2017 as part of the exchange’s initial coin offering (ICO). It was designed to serve as a utility token for discounted trading fees on the Binance platform and has since evolved into the native token of the BNB Chain ecosystem — which includes BNB Smart Chain (BSC) and BNB Beacon Chain.
While BNB is technically independent, its fortunes have long been tied to Binance’s performance and regulatory standing. The token’s value often moves in tandem with news about the exchange or its founder, Changpeng “CZ” Zhao, who remains a symbolic figure behind its success.
Even after CZ stepped down as Binance CEO in 2023 following a U.S. Department of Justice settlement, he continued to be closely associated with the token. Market sentiment around BNB frequently mirrors confidence in Binance itself.
In essence, BNB’s identity and market trajectory are inseparable from Binance’s brand — making it one of the clearest examples of how exchange tokens act as both corporate equity analogs and ecosystem drivers within the crypto industry.
What happened between CZ, Binance and the Biden administration
In November 2023, the U.S. Department of Justice (DOJ) under the Biden administration charged Binance and CZ with violating anti-money-laundering laws and running an unlicensed money‑transmitting business.
Federal prosecutors accused Binance of failing to block illicit transactions linked to sanctioned countries like Iran and Russia. The exchange later pleaded guilty to criminal violations of the Bank Secrecy Act, agreeing to pay a record $4.3 billion fine — one of the largest corporate settlements in U.S. history.
CZ himself admitted guilt to failing to maintain an adequate AML program and stepped down as CEO the same day. He agreed to pay a $50 million personal fine, ending his six-year tenure leading the world’s largest exchange.
In April 2024, a U.S. federal judge sentenced CZ to four months in prison, far less than the 36 months prosecutors sought. He served time quietly and returned to Dubai later that year, posting on X that the experience had given him “clarity and conviction to keep building.”
Related: BNB hits $955 all-time high as DOJ weighs ending Binance monitorship