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Trump Family Talks With Binance.US Spark Debate as Zhao Denies Allegations
In a shocking turn of events, representatives from the Trump family have reportedly engaged in talks with Binance.US to acquire a stake in the cryptocurrency exchange. This news has sent shockwaves throughout the crypto community, sparking heated debates and controversy.
According to The Wall Street Journal (WSJ), Binance approached Trump’s family representatives last year and proposed a deal aimed at helping restart Binance.US operations within the United States. The report did not specify whether the potential acquisition would be direct or through World Liberty Financial (WLFI), a decentralized finance project backed by former President Donald Trump.
The news comes as Binance’s founder, Changpeng Zhao, is still reeling from his legal battles in the United States. In November 2024, Zhao admitted guilt to federal charges related to securities violations and agreed to pay a $50 million fine, while Binance settled for $4.3 billion in penalties.
Zhao has been under intense scrutiny following allegations that he sought a presidential pardon or discussed a deal with Trump’s family. However, the founder has repeatedly denied these claims, dismissing them as “false” and “untrue.”
In a tweet, Zhao vigorously denied the allegations: “Sorry to disappoint. The WSJ article got the facts wrong. More than 20 people have told me they were asked by the WSJ (and another media), ‘Can you confirm that CZ made some deal for a pardon?’ They probably asked hundreds of people to have 20 people reach out to me.”
The proposed acquisition has significant implications for the cryptocurrency industry, given Trump’s family connections and potential influence. The move could also have far-reaching consequences for Binance.US operations within the United States.
Zhao’s legal issues are not new; in April 2024, a US court sentenced him to four months in prison due to the securities violations. Zhao has been working diligently to restore USD transactions at Binance.US, which were halted nearly 19 months ago amid regulatory challenges.
The Trump family’s involvement in this deal would mark another significant shift for cryptocurrency, as the sector faces ongoing scrutiny and skepticism from regulators.
