In a significant development reported by The Wall Street Journal, Binance founder Changpeng Zhao (CZ) has been pardoned by US President Donald Trump. Citing individuals familiar with the situation, the report indicates that the pardon was officially signed on Wednesday.

While impactful, this news did not come as an entirely unforeseen event within the cryptocurrency community. Earlier reports by U.Today, referencing Fox Business’s Charles Gasparino, had suggested that Binance was close to securing such a pardon. Furthermore, CZ himself previously confirmed in a podcast appearance that his legal team had submitted an application for a pardon.

Following the announcement, the market reacted positively, particularly impacting the BNB token. Data from CoinGecko revealed a 5.1% increase in the token’s price. Shortly after the news broke, BNB surged to an intraday high of $1,138, reflecting renewed investor confidence and positive market sentiment regarding this major legal outcome.

The cryptocurrency community has been quick to respond to The Wall Street Journal’s report. Charles Hoskinson, the founder of Cardano, extended his congratulations to the former Binance CEO, expressing strong views on the broader implications. Hoskinson stated, “The weaponization of the justice department against our industry and its entrepreneurs should have never happened. It was and still is a deep wound that will take a long time to heal.”

Echoing similar sentiments, Bitcoin evangelist Anthony Pompliano also welcomed the news, claiming it was “great” to see Zhao receive a pardon. Pompliano emphasized his stance, asserting, “There is no place for political targeting in the US justice system, regardless of which side does it.”

This developing story continues to unfold, with further updates expected as the implications of the pardon ripple across the financial and cryptocurrency sectors.