In a surprising turn of events, Changpeng Zhao, the founder of Binance, has been granted a presidential pardon by former President Donald Trump. This significant development was reported by The Wall Street Journal and marks a momentous shift in Zhao’s legal standing. The pardon was officially signed on October 23, 2025, and comes following indications throughout the month that Binance was close to securing such a reprieve.
Zhao, commonly referred to as CZ in the cryptocurrency community, had previously mentioned in a podcast that his legal team was pursuing a pardon. Following the announcement, Binance’s native token, BNB, experienced a notable upswing, surging by 5% to reach an intraday high of $1,138. This sharp increase reflects positive market sentiment following the news of the pardon.
In other market news, XRP has faced a significant decline, reverting to bearish territory after a brief recovery earlier in the week. The cryptocurrency dropped by over 2.5% in the past 24 hours, trading around $2.1842. Analysts suggest that selling pressure has intensified across the broader crypto market, resulting in most of XRP’s earlier gains being erased. A failed attempt to stabilize above the $2.60 mark has exacerbated worries about a more profound downturn.
Meanwhile, the Shiba Inu community has issued a critical security alert regarding an active phishing scam targeting SHIB holders. A malicious website, masquerading as the official Shiba Inu site, is draining wallets through deceptive promotions and false claims. The community is urging SHIB holders to remain vigilant and has provided guidance on identifying legitimate resources to prevent falling victim to these scams.
In a further development, Dogecoin’s affiliated treasury firm is set to make a public offering, signifying a crucial step toward institutional adoption. The Dogecoin Treasury is anticipated to become publicly traded within weeks, potentially changing the perception of Dogecoin from a “meme coin” to a valuable asset with increased legitimacy. The Dogecoin Foundation has announced that the firm plans to establish a treasury that would utilize Dogecoin as its primary reserve asset.
On the other hand, Bitcoin appears poised to record its largest gain since April, following a recent downturn in gold prices. Bitcoin’s market performance is showing signs of resurgence, with potential gains outstripping previous benchmarks. As gold faltered, Bitcoin began to attract renewed interest from investors. This shift in dynamic could lead to significant changes in investor behavior across both gold and cryptocurrency markets, spotlighting the evolving landscape of digital assets amidst traditional commodities.
