The cryptocurrency market roared back to life on October 24, 2025, after U.S. President Donald TrumpTRUMP-- granted a full pardon to Binance founder Changpeng "CZ" Zhao, a decision that sent BitcoinBTC-- surging 2.7% above $110,700 and reignited speculation about potential clemency for other high-profile figures. The move, described by Trump as an effort to "correct what the Biden administration did to cryptocurrency," drew immediate comparisons to the case of former FTX CEO Sam Bankman-Fried (SBF), whose chances of a presidential pardon jumped from 5.6% to 12% on Polymarket betting platforms, according to a Coinpaper report.
Legal experts and industry observers, however, remain skeptical about SBF's prospects. Jake Chervinsky, a crypto attorney, called the idea of pardoning SBF "truly shocked," noting that SBF's 25-year prison sentence for fraud and misappropriation of billions in customer funds is far more severe than CZ's compliance-related offenses. "CZ wasn't accused of stealing user funds or defrauding customers," said Sasha Hodder, founder of Hodder Law, adding that Binance "operated as a real exchange," as Cointelegraph reported. Meanwhile, Trump defended CZ's release, claiming he was "persecuted by the Biden administration" and that his actions "weren't even a crime," according to a CoinPedia article.
The pardon also sparked a frenzy in financial markets. Polymarket traders staked over $6.6 million on outcomes related to SBF's potential release, with odds of his freedom rising to 15.5%. CZ's return to Binance, though uncertain, briefly saw 82% odds of happening by year-end before cooling to 36%. The broader crypto sector, buoyed by Trump's pro-crypto stance, saw EthereumETH-- hover near $3,850, while gold prices climbed to $4,099/oz, reflecting a broader flight to risk assets, as noted in the LookOnChain analysis referenced above.
Beyond crypto, global economic developments added to the week's volatility. Sign, a blockchain firm, announced a partnership with Kyrgyzstan's central bank to launch a central bank digital currency (CBDC) serving 7.2 million citizens, a move that underscores growing adoption of digital currencies in emerging markets, according to a LookOnChain report. Meanwhile, Canada's Prime Minister Mark Carney, on a diplomatic push to reduce U.S. dependence, sought to strengthen ties with Asia, including a potential meeting with Chinese President Xi Jinping to mend trade relations, as reported in a Reuters report.
The interplay of geopolitics and market forces highlighted a shifting landscape. While Trump's pardons signaled a regulatory thaw for crypto, tensions in the Middle East persisted, with Turkish President Recep Tayyip Erdogan urging the U.S. to pressure Israel on Gaza ceasefire violations. These dynamics, coupled with ongoing trade negotiations between the U.S. and China, kept investors on edge as they navigated a complex mix of policy shifts and economic signals, according to a Reuters report.
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