President Trump Pardons Binance Founder Changpeng Zhao

US President Donald Trump has granted a full pardon to Binance founder Changpeng “CZ” Zhao, the White House confirmed Thursday morning. The move marks a dramatic reversal of the Biden administration’s posture toward crypto regulation and enforcement across digital asset markets.

Zhao, who pled guilty in 2023 to violating US anti–money laundering laws, served four months in federal custody last year. He resigned as Binance’s CEO under his plea agreement, while the exchange paid $4.3 billion in penalties, one of the largest settlements in history.

White House Press Secretary Karoline Leavitt said Trump’s decision “ends the Biden administration’s war on crypto” and restores America’s innovation leadership. She criticized prosecutors for pursuing CZ “despite no allegations of fraud or identifiable victims,” calling the prior case politically motivated and excessive.

The pardon could reshape Binance’s future as Zhao remains its largest shareholder and an enduring influence in global trading. While his plea deal bars him from managing Binance, insiders believe Trump’s intervention may open a path for his eventual return.

Polymarket and Kalshi Pursue Record Valuations

Polymarket is reportedly seeking funding at valuations between $12 billion and $15 billion, according to Bloomberg sources. Founded in 2020, the platform enables users to trade yes-or-no outcome markets on politics, sports, and global events. Rival firm Kalshi is similarly fielding investor proposals valuing it as high as $12 billion, reflecting surging interest in prediction markets.

Both firms have attracted significant capital this year as institutional investors recognize the potential of event-based financial instruments. Polymarket’s growth accelerated after Intercontinental Exchange invested up to $2 billion, lifting its valuation near $9 billion. Kalshi’s recent $300 million raise and new sports betting partnerships underscore how fast the once-niche market is scaling.

Hyperliquid Strategies Files $1 Billion Public Offering with SEC

Hyperliquid Strategies filed an S-1 statement with the US Securities and Exchange Commission seeking to raise $1 billion. The offering, comprising 160 million shares, will fund expansion of its HYPE token treasury and broader corporate initiatives. The entity emerged from a merger between Sonnet BioTherapeutics and Rorschach I, aiming to launch publicly later this year.

Led by former Barclays CEO Bob Diamond, Hyperliquid intends to deploy HYPE holdings primarily through staking to generate consistent returns. The platform operates within the Hyperliquid ecosystem, a decentralized derivatives exchange exceeding $1.5 trillion in lifetime trading volume. According to the filing, proceeds will strengthen liquidity reserves and reinforce Hyperliquid’s position as a key player in DeFi.

WazirX Reopens After $234 Million Hack and Restructuring

Indian crypto exchange WazirX will resume trading on October 24 following a year-long suspension after a massive hack. Backed by 95.7% of creditors, its Singapore-approved restructuring plan allows six million users to regain access to accounts. Trading will restart gradually with 25% of assets re-enabled daily, culminating in full operations by Monday.

The platform partnered with BitGo for institutional-grade custody to secure user funds and rebuild market confidence. Users will receive Recovery Tokens compensating losses, though some have reported discrepancies in payout calculations. Critics urge greater transparency and independently verified audits to ensure lasting governance reform after one of India’s largest crypto breaches.

Data of the Day

Debt among major Bitcoin miners has surged from $2.1 billion to $12.7 billion within twelve months, VanEck reported. The increase reflects extensive fleet upgrades and investments in artificial intelligence hosting amid fierce competition for hashrate dominance. Analysts warn that miners face a “melting ice cube” dilemma as outdated hardware rapidly erodes profitability.

Companies like Bitfarms, IREN, and TeraWulf have issued multi-billion-dollar convertible notes to finance AI and HPC facilities. By diversifying revenue streams, miners aim to secure predictable cash flows while reducing exposure to volatile Bitcoin prices. VanEck researchers noted the AI transition is complementing, not threatening, Bitcoin’s network strength through shared energy and infrastructure optimization.

More Breaking News

• MegaETH confirmed its MiCA-compliant whitepaper, revealing a 9.5% team allocation and token-driven sequencer rotation design, as it readies a regulated KYC token auction.
• Jupiter launched the beta version of its prediction market with Kalshi liquidity and plans a full Solana rollout by year-end after user testing.
• Aster introduced Rocket Launch, a trading rewards platform connecting early-stage projects with users through token buybacks, $ASTER incentives, and continuous liquidity-driven campaigns.
• Kraken’s quarterly revenue surged 114% to $648 million as trading volume rose 23%, strengthening the exchange’s position ahead of a potential 2026 IPO.
• A class action lawsuit accused Ben Chow and partners of orchestrating fraud behind Melania and LIBRA meme coins, alleging fake legitimacy through celebrity-linked marketing.
• Berachain proposed “preconfirmations” that enable sub-second transaction feedback, aiming to make onchain gaming and DeFi interactions feel instant without altering network consensus.
• Cathie Wood’s Ark Invest bought $21 million in Robinhood shares across two ETFs, continuing its push into crypto-exposed equities amid Robinhood’s expansion.
• Trezor unveiled its quantum-ready Safe 7 wallet, designed for post-quantum cryptography resilience as crypto thefts surge toward record highs in 2025.
• Revolut secured a MiCA license from Cyprus’ CySEC, allowing it to launch regulated crypto trading, staking, and stablecoin services across all 30 EEA markets.

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