Binance-Linked Token Hits Record With Zhao Pardon Buzz (Correct)

A cryptocurrency with ties to Binance Holdings Ltd. struck an all-time high as speculation builds that the digital-asset exchange’s co-founder Changpeng Zhao will be granted a US presidential pardon.

The BNB token, the fifth-largest by market value, surged over the weekend to reach $1,083 on Sunday, according to data compiled by Bloomberg. BNB retreated on Monday alongside Bitcoin and Ether in a broad market selloff.

Changpeng Zhao

Photographer: Samsul Said/Bloomberg

The record came against a backdrop of heightened expectations that Zhao will receive a pardon from US President Donald Trump. The former Binance Chief Executive Officer, who served a four-month prison sentence in ...