Why Binance’s BNB is making headlines: From record prices to US pardon talks for CZ

Dubai: Earlier this week, BNB hit a record high of around $1,083 — its highest level ever — and has been hovering near that mark since.

The surge hasn’t just been about crypto markets rallying. It’s tied to intense speculation that Binance’s co-founder Changpeng Zhao (CZ) might receive a U.S. presidential pardon — a development many believe could reshape how regulators treat Binance and BNB.

Here’s what’s behind the buzz — and what you should know if you follow crypto in the UAE.

BNB’s story goes back to 2017, when it was first launched as 'Binance Coin' through an initial coin offering designed to fund and fuel the then-new Binance exchange. At the start, its purpose was simple: give users a way to pay transaction fees more cheaply and keep activity within the Binance ecosystem.

But like the exchange itself, BNB quickly outgrew its original role. It evolved into a multi-purpose token that now powers applications on the BNB Chain, supports countless projects built on top of it, and is even treated by some investors as a store of value alongside bigger names like Bitcoin and Ether.

That tight connection with Binance has made BNB unusually sensitive to events around the company. Regulatory news, leadership changes, or even subtle signals from founder Changpeng Zhao often ripple directly into the token’s price, turning BNB into a barometer for Binance’s influence — and its challenges — in the global crypto market.

Binance’s former CEO served four months last year as part of a $4.3 billion settlement with US authorities. In May, he said on a podcast that he was seeking a pardon from Donald Trump. On betting site Polymarket, the odds of a pardon climbed to 64% on September 13 before easing to 50%.

Alongside pardon speculation, traders are closely watching US regulators. Hopes of favorable regulatory moves were among the factors driving BNB to a record high. As one analyst noted, “Rumors of CZ’s possible pardon can fuel further speculation.” Binance is also reported to be moving toward a potential deal with the US Justice Department that could allow it to shed an external compliance monitor — a step the market views as a major win.

Some entities with large BNB holdings are “accumulators,” meaning they continue to buy and hold, reducing available supply. That pushes prices upward when demand is high. CoinMarketCap data shows that listed accumulators now hold around $560 million worth of BNB, equal to about 0.4% of the total supply.