- Changpeng “CZ” Zhao, Binance’s founder and top shareholder, was fully pardoned by U.S. President Donald Trump on Oct. 23, 2025 [1]. (CZ had pleaded guilty in 2023, paid ~$4.3 billion in fines and served 4 months in prison [2].) Analysts say this move “paves the way” for CZ’s return and is a major turning point for Binance [3] [4].
- Binance dominates crypto trading: it accounted for roughly 37–40% of global exchange volume and saw a record $14.8 billion net inflow in Q3 2025 [5] [6]. The U.S. SEC even dropped its 2023 lawsuit against Binance in May 2025 [7], reflecting a friendlier regulatory climate.
- Binance Coin (BNB) is surging. In early October 2025 BNB hit a new all-time high near $1,190 [8]. By Oct. 25 it traded around $1,115 [9] (up ~39% for October) [10]. This rally reflects strong demand for Binance’s ecosystem token amid booming crypto markets.
- Crypto markets broadly rallied into late Oct. 2025. Bitcoin briefly topped $125,000 (on Oct. 5) [11] and now hovers around $111–112K [12]. Ethereum trades near $3,950 [13]. Even crypto stocks like Coinbase (COIN) have jumped (COIN is about $320 [14]). October’s gains followed massive ETF inflows and macro tailwinds despite a mid-month crash.
- Analysts remain bullish. One crypto strategist predicts “$2,000 BNB is coming in 2025” [15]. Institutional forecasts see Bitcoin in the $135K–$200K range by late 2026 [16]. Experts note that a clearer regulatory framework (new U.S. crypto laws and dropped enforcement actions) is removing a key drag on the market [17] [18].
In mid-October 2025, Binance dominated headlines after President Trump’s surprise pardon of founder Changpeng Zhao (CZ). The pardon – signed Oct. 23 – officially forgave CZ’s 2023 conviction for anti-money-laundering violations [19] [20]. Trump’s press team framed it as correcting the prior “war on cryptocurrency” [21] [22]. Industry insiders immediately interpreted this as a clear signal: CZ, long barred from Binance’s operations under his plea deal, can now potentially return to helm the exchange. TechSpace² reports that analysts view the pardon as “expected to pave the way” for CZ to lead a Binance IPO in the U.S. [23]. As crypto consultant Phyrex Ni commented to the South China Morning Post, “Binance wanted to list in the US, and it is very likely that it will continue with this plan” [24]. In other words, many observers believe Binance may finally pursue a U.S. public listing now that regulatory clouds have lifted.
Binance itself remains a privately held company (its U.S. arm was spun off, but the main exchange is owned by CZ and early investors). It has never issued stock, so “Binance stock” isn’t tradable – but its huge valuation (reported in 2021 as near $300 billion) suggests an IPO would be massive. For context, Binance already outstrips all competitors: in H1 2025 it captured over 37% of all crypto trading volume (about $3.44 trillion of trade) [25]. In Q3 2025 alone it logged a record $14.8 billion net inflow, largely from new stablecoin deposits [26]. By comparison, rivals like Coinbase, OKX and Bybit accounted for only a fraction of that volume [27]. This leadership was noted in recent analyses – CryptoPotato reports that Binance’s dominance made it the “premier hub for Bitcoin liquidity” [28].
The regulatory backdrop has also turned in Binance’s favor. In May 2025, the U.S. Securities and Exchange Commission voluntarily dropped its enforcement lawsuit against Binance [29], a case that had accused Binance of wash trading and other violations. Binance called the dismissal “a landmark moment” [30]. (In a statement the company thanked SEC Chair Paul Atkins and Trump’s administration for supporting crypto innovation [31].) The SEC similarly withdrew a separate case against Coinbase [32]. These actions reflect President Trump’s campaign promise to be a “crypto president,” and align with new laws passed in 2025 (the GENIUS Act for stablecoins and the CLARITY Act for digital assets) that establish clear federal frameworks [33]. In short, a regulatory overhang that weighed on crypto is rapidly dissipating, freeing Binance and its peers for growth.
While Binance’s corporate future dominates discussion, market prices have also been soaring. Binance Coin (BNB) – the crypto token native to Binance’s exchange and blockchain network – has led this charge. BNB was originally launched in 2017 as a utility token for fee discounts, but its role has since expanded dramatically [34]. It now powers a multi-chain ecosystem: used for transaction gas on the BNB Chain, for staking and DeFi protocols, NFT platforms, and even some real-world asset tokenization [35]. Thanks to this growing usage and Binance’s strength, BNB’s price exploded in October 2025. It surged past the $1,100 threshold in late September and struck a fresh all-time high near $1,190 on Oct. 5 [36]. By Oct. 25 it was trading around $1,115 [37] – up about 39% on the month [38]. In dollar terms, this put BNB’s market cap above $160 billion, ranking it among the world’s largest cryptocurrencies [39]. The breakout above $1,100 is widely seen as a sign of renewed bullish momentum, and Binance’s platform improvements (like halving gas fees on BNB Chain and faster block times) are helping maintain that rally [40] [41].
Other major cryptos have followed the uptrend. Bitcoin reached a new peak of about $125,200 on Oct. 5 [42], and even after an Oct. 10–11 flash crash it recovered to roughly $111–112K by late October [43] [44]. Ethereum similarly hit multi-year highs (~$4,800) in early Oct and trades near $3,950–4,000 [45]. The U.S. stock market also set records on optimistic data (e.g. S&P 500 all-time highs around Oct. 20) while crypto ETFs saw massive inflows. On Oct. 24, Bitcoin ETF funds attracted another $446 million in net new money [46].
Even equities related to crypto got a lift. For example, Coinbase Global (NASDAQ: COIN) – the only publicly traded big crypto exchange in the U.S. – has climbed sharply. It trades around $320 as of late Oct (up from ~$100 a year ago) [47]. (Two crypto neobanks, Bullish and Gemini, which went public via SPAC, are also trading higher than their IPO prices – roughly in the mid-$50s and $19 respectively [48].) These moves underscore how the crypto rally – and the Binance news specifically – is spilling into related markets.
Market analysts are increasingly bullish on these trends. Ts2.tech notes that October has historically been a strong month (“Uptober”) for crypto; Timothy Peterson of Cane Island Crypto has observed ~+20% average Bitcoin gains in October historically [49]. Several Wall Street forecasts have followed suit: Morgan Stanley now advises a small crypto allocation for clients, while Bernstein reaffirmed a ~$200K Bitcoin target for 2026 in mid-October [50]. Binance-focused analysts are also optimistic. One Web3 strategist bluntly proclaimed “$2,000 BNB is coming in 2025 and there’s nothing stopping that” [51]. Others cite even higher eventual BNB targets (one note mentions $5,000 long-term).
Institutional players have weighed in as well. David Namdar, CEO of CEA Industries (the largest publicly traded firm holding BNB), told CoinDesk that CZ’s pardon is “more than an inflection point” for both BNB and Binance [52]. Namdar said the move “paves the way for greater access to the US market” [53]. He also emphasized that BNB’s “fundamentals have never looked better”: it now has a global user base, extensive real-world utility (from fee discounts to DeFi governance), and shrinking supply thanks to ongoing token burns [54] [55]. In short, institutional observers see the parade of positive developments (regulatory clarity, ETF inflows, executive comeback) as validating Binance’s ecosystem.
Looking ahead, speculation about a Binance IPO is front and center. CZ hinted in the past that Binance’s valuation could exceed Coinbase’s ($100B) [56] – and given Binance’s continuing growth, a U.S. public offering could easily top that. With CZ now back in the picture, financial strategists expect Binance to formally pursue listing. If it does, the sheer scale of Binance’s business suggests the IPO would be one of the largest tech offerings ever. (For comparison, Coinbase’s 2021 IPO valued it around $85B; Binance’s private valuations have been larger.) No official IPO date is set, but industry insiders are eagerly watching for filings.
All told, the Binance saga illustrates crypto’s astonishing cycle: from crackdown to comeback in months. In under three years Binance paid its penalties and weathered extensive regulation. Now, under a new political climate, it finds itself in a potent rally – both in token price and corporate momentum. Whether you’re a retail trader or a potential institutional investor, analysts say the story isn’t over. In their view, this fresh regulatory clarity and renewed investor confidence could drive another leg of the crypto bull market. As one strategist puts it: with the key hurdles behind it, Binance “could enter a new bullish cycle” in the coming months [57].
Sources: News reports and market data from Oct. 22–25, 2025 (Binance official blog [58]; Coindesk [59] [60]; TechStock² ts2.tech [61] [62] [63]; Straits Times [64] [65]; CryptoPotato [66] [67]; Reuters/others). Analysts’ quotes and forecasts are attributed in-text. Redistributions of content are for informational purposes only.
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