In a significant move, President Donald Trump has pardoned Changpeng Zhao, the founder of cryptocurrency exchange Binance. Zhao had previously pleaded guilty to money laundering charges and served four months in prison.
As part of the agreement, he will step down as CEO and has paid a substantial fine. This pardon is perceived as a pivotal moment that could allow Binance to reestablish its presence in the U.S. market, given its connections with Trump's family.
Following the announcement, the price of Binance Coin (BNB) surged by 3.6%, reflecting traders' optimism about a potential market rally. Analysts suggest that this momentum could extend beyond BNB, impacting other altcoins and the broader cryptocurrency landscape.
The political implications of the pardon, particularly in the context of the Biden Administration's stance on cryptocurrency, further complicate the narrative surrounding Binance's future in the U.S.
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