BNB & the New Chapter for Binance: What Investors Should Know

As of October 23 2025, the native token of the Binance Holdings Ltd. ecosystem—BNB—is trading at around US $1,120 per token (or close to that level), with a market-capitalisation in the ballpark of US $155 billion and a 24-hour trading volume of over US $5.5 billion.

This puts BNB comfortably among the larger crypto-assets in terms of capitalisation, and signals that market participants continue to treat it as a major player in the “exchange token” / infrastructure token category.

What makes the present moment interesting is that on 23 October 2025, President Donald Trump pardoned Changpeng Zhao (“CZ”), the founder and former CEO of Binance, who had previously pleaded guilty to violations related to anti-money-laundering / Bank Secrecy Act enforcement. (Reuters)

That development potentially changes aspects of the regulatory and geopolitical backdrop against which Binance, BNB, and the broader crypto-ecosystem operate. Below is a breakdown of what this means — the bullish and the cautious angles — and what offshore investors should watch.

A quick refresher: What is BNB?

• The token BNB was launched by Binance in mid-2017 as a native utility token tied to the Binance exchange and, later, the Binance Smart Chain (BSC) / “BNB Chain” ecosystem (formerly Binance Smart Chain) which supports smart contracts, DeFi, dApps, token issuance, etc.
• Owners of BNB benefit from such features as trading-fee discounts, participation in token sales via the Binance Launchpad, staking, use in the BNB Chain ecosystem, and more.
• Because Binance is one of the largest crypto-exchanges (by volume) and the BNB chain ecosystem has a broad developer base, BNB’s token economics tie both to exchange activity and ecosystem growth.
• Historically, exchange tokens such as BNB have tended to trade at a discount to their full potential because they are penalised by regulatory risk. But when regulatory overhangs ease, they often perform.

Given the ~US$155 billion market cap and US$5.5 billion+ daily volume, BNB is clearly institutional-scale now. For offshore investors, the token offers a hybrid bet: partly on Binance’s ongoing dominance in exchange flows + partly on BNB-chain ecosystem growth.

Why the Pardon Matters: Regulatory & Political Signals

The pardon of CZ is significant on several fronts:

✅ Regulatory risk easing (potentially)

By granting a pardon, the U.S. government (via President Trump) has signaled a softer tone toward one of crypto’s largest actors. The White House statement called it part of reversing the “war on cryptocurrency” by the prior administration. (Reuters)

For offshore investors, this suggests:

• Potentially fewer aggressive actions (at least temporarily) toward Binance and by extension the BNB ecosystem in the U.S. market (though not guaranteed).
• The possibility of renewed U.S. engagement or tolerance for Binance’s operations, which would reduce “regulatory tail-risk” for BNB.
• A favorable psychological boost for the crypto market: certainty matters.

⚠️ But internal & international scrutiny remains

Although the pardon reduces one legal overhang (CZ’s conviction), many regulatory, compliance, tax, AML and geopolitical issues remain for Binance globally. For example:

• Binance as a company pleaded guilty in the U.S. in 2023 to violations (including unlicensed money-transmitting business, anti-money-laundering failures) and paid US$4.3 billion. (Wikipedia)
• Multiple jurisdictions continue to investigate or restrict Binance’s local operations (France, Nigeria, India, etc). (Wikipedia)
• A pardon does not wipe out the company’s previous obligations, regulatory entanglements or reputational issues. Offshore investors must still assume that regulatory risk persists (especially non-U.S.).

🎯 Strategic positioning

In effect, this pardon could mark a turning point: Binance may seek to deepen its U.S. foothold (or at least present itself as U.S.-friendly), and by extension BNB could benefit from improved legitimacy, more institutional usage, listings, and ecosystem growth. Meanwhile, offshore capital may view BNB as less “wild west” and more “scaled infrastructure” than before.

So, What Could the Future for BNB Look Like?

Putting it all together, here are several possible scenarios and how they might affect BNB — good and bad — and what offshore investors should monitor.

🟩 Bull case

• Stronger U.S. usage / adoption: If Binance manages to reopen or expand services in the U.S. under a friendlier regime, BNB could see increased volume, higher token utility (via U.S. users), and possibly more institutional flows.
• Ecosystem growth: BNB Chain may see more DeFi, dApp, token launches, which would increase demand for BNB (for gas, staking, participation).
• Lower risk premium = higher valuation multiple: Historically, tokens with heavy regulatory overhang trade at “discounted multiples”. With risk reduced, part of that discount may shrink.
• Offshore investor interest: With greater regulatory clarity (or perception thereof), offshore investors may allocate more to BNB, increasing liquidity and potentially tightening spreads.

🟥 Cautious / risk case

• Regulatory “sudden shock” remains possible: Even with a pardon, governments may still impose stricter regulations on exchanges, AML obligations, token listings, or clamp down in jurisdictions outside the U.S. That could hurt Binance operations and thus BNB.
• Token competition is fierce: BNB Chain competes with Ether, Solana, Avalanche, etc. Ecosystem growth is no guarantee — failure to execute could hurt valuations.
• Exchange-token risk: Many tokens tied to exchange platforms carry additional risk (volume declines, regulatory costs, decentralisation concerns). If Binance loses market share, BNB may suffer.
• Macro / crypto market risk: The broader crypto market remains volatile; even if BNB is technically strong, it could be pulled down by systemic risk (regulation, liquidity crunch, black swan events).

🔍 Key metrics & signals to track

For offshore investors watching BNB more closely, consider tracking:

• Binance’s U.S. regulatory posture: filings, licences, entry into U.S. market.
• Daily trading volumes and total BNB supply/lock-ups: supply dynamics matter.
• DeFi metrics on BNB Chain: TVL (total value locked), number of dApps, token launches, developer activity.
• Token burn schedule: Binance historically burns BNB tokens (reducing supply) which can support price.
• Regulatory filings/announcements in major jurisdictions (EU, Asia, Africa) affecting Binance or BNB.
• Macro crypto market trends: institutional adoption, ETF approvals, regulatory crackdowns.
• Market sentiment: a pardon signals one thing, but the market still prizes execution over rhetoric.

Conclusion: For Offshore Investors — Proceed, but with Disciplined Optimism

In summary: The pardon of CZ by President Trump is a noteworthy development, and arguably tilts the regulatory balance slightly in favour of Binance and BNB. For offshore investors, this raises the appeal of BNB as part of a diversified crypto-portfolio:

• BNB is no longer just a speculative “exchange token” but arguably shifting toward being a major infrastructure token with significant utility.
• The reduced regulatory overhang (especially in the U.S.) may justify allocating some capital to BNB under an “opportunity / growth” bucket.
• That said, the fundamentals still require discipline: regulatory risks remain, competition is intense, and ecosystem execution must continue.
• As always, offshore investors should size positions appropriately, ensure risk management (stop-losses, portfolio diversification), and keep an eye on the evolving regulatory landscape globally.

If I were advising an offshore investor today:

“BNB may be upgraded in your portfolio from ‘speculative’ to ‘serious infrastructure/digital-asset’ status — but only if you’re comfortable with crypto’s inherent volatility and the possibility of regulatory reversal. Use this moment as a signal to allocate — but don’t over-allocate and stay alert to the headlines.”