BNB Coin recorded a significant rise following reports of Trump’s family potentially acquiring Binance US shares.
Binance and Trump
According to insider sources, Trump’s family members are actively seeking to purchase shares of Binance US. Previously, Binance faced a $4.3 billion fine in 2023 for violating anti-money laundering regulations, resulting in the imprisonment of its founder, CZ.
Ongoing Communications
Communication between CZ, the co-founder and largest shareholder of Binance, and Trump’s family continues. Discussions about a potential pardon for CZ are part of the agenda concerning the share sale, although the exact number of shares to be acquired remains unknown. The WSJ report indicates that Trump’s family may proceed with the share purchase through their crypto venture, WLFI.
Global Investments in Binance
Currently residing in Abu Dhabi, CZ recently announced that the UAE’s sovereign wealth fund, MGX, purchased $2 billion worth of Binance shares. This minority stake sale pertains to Binance Global. If the UAE can make such investments, it’s entirely plausible that Trump could also venture into investing in Binance. The unfolding of these claims may lead to increased volatility in BNB Coin’s price.
The rally of BNB Coin amidst rumors of a potential Binance share acquisition by Trump’s family sparks interest and may influence further developments in the cryptocurrency market.
