TL;DR
- Donald Trump’s pardon of ‘CZ’ is seen as potential “rocket fuel” for the BNB ecosystem.
- David Namdar, CEO of BNB Network, states the pardon removes a reputational “overhang” that affected BNB in the U.S.
- The pardon reopens the debate on a possible return of CZ to Binance’s leadership and the exchange’s return to the U.S. market.
Donald Trump’s presidential pardon of Binance founder Changpeng Zhao (CZ) could clear the path for BNB, the exchange’s native token, to reach new levels of legitimacy and price. This was emphasized to TheBlock by David Namdar, CEO of BNB Network (CEA Industries), a Nasdaq-listed digital asset treasury firm that holds 500,000 BNB as its primary reserve.
According to Namdar, this pardon removes an “overhang” that tarnished the asset’s reputation, especially in the United States. ” BNB has continued to grow, despite everything that’s happened,” Namdar told The Block, suggesting the pardon could serve as “rocket fuel” for significant additional growth.
The pardon was widely celebrated in the industry, as ‘CZ’ is one of its most recognized figures. Zhao served four months in a U.S. prison after pleading guilty in 2023 to failing to maintain an “effective anti-money laundering program.” Part of his original sentence included a lifetime ban from running Binance again.
The Impact on BNB’s Perception in the U.S.
Despite being the fifth-largest cryptocurrency in the world, with a market cap of $158 billion, BNB has frequently been ignored by the investor and analyst community in the UnitedS States.
Namdar explains that many U.S. operators have “steered clear” of BNB, partly due to the legal issues surrounding both Zhao and Binance. He highlighted that even though 80% to 90% of Binance users utilize BNB to reduce fees, the token has lacked legitimacy in the U.S.
The pardon of Changpeng Zhao could change this dynamic. Namdar, whose company raised $500 million in August to accumulate BNB as a treasury asset, believes this could even pave the way for Binance’s return to the U.S. market. “It’s a strange phenomenon to have the largest exchange not be able to take on U.S. customers,” he commented.
Currently, the firm’s U.S. arm, Binance.US, faces a lawsuit from the SEC since 2023 for alleged securities law violations. As the debate reopens, BNB was trading at $1,145.99, showing a 90% increase over the past year.
