Binance's BNB Soars on Pardon Hopes for CEO CZ

Dubai — Binance token BNB is making crypto news headlines after recording an all-time high of about $1,083 earlier this week, its highest level ever. The rally is not only driven by general optimism in the broader market but also by hot speculation that Binance co-founder Changpeng Zhao (CZ) may be granted a U.S. presidential pardon.

BNB, originally released in 2017 as Binance Coin, has evolved from a payment tool for fees to a multi-function token that drives the BNB Chain and several projects globally. Its strong association with Binance means that the token tends to respond sharply to regulatory and corporate news, and thus is a barometer for both the success and failure of Binance.

The recent spike comes after news that Zhao has requested pardon following his guilty plea last year in a $4.3 billion settlement with American authorities on charges of anti-money laundering and sanctions breaches. Bookmakers earlier this month indicated odds of up to 64% for a potential pardon before losing steam to 50%.

Analysts add that expectations of positive U.S. regulatory actions and Binance's success with streamlining outside compliance monitoring also supported sentiment. Meanwhile, big investors known as "accumulators" keep purchasing and holding BNB, driving supply lower and maintaining prices.

For UAE investors, the rally is a two-bladed sword. BNB's upside remains heavily dependent on regulatory developments in the U.S. and Zhao's possible pardon. Market observers warn that beyond speculation, the token's long-term value will hinge on long-term utility across projects, partnerships, and compliance milestones.