Changpeng “CZ” Zhao, former Binance CEO, has denied allegations that representatives of Donald Trump’s family were involved in discussions to acquire a stake in Binance.US.
Claims of Discussions
The Wall Street Journal published a report claiming that such talks took place. According to the article, Binance representatives allegedly approached Trump's allies last year with a business proposal as part of its efforts to strengthen its U.S. operations.
CZ's Response to Reports
Zhao addressed the report in a March 13 post on X, stating he had not discussed a Binance US deal with anyone. He noted that over 20 people informed him they had been contacted by WSJ and another outlet in attempts to verify the claims of a clemency deal. Zhao labeled the report as politically motivated, suggesting it was an attack on the President and crypto.
Implications of CZ’s Possible Return
In November 2023, Binance settled with U.S. authorities, agreeing to pay $4.3 billion in fines. As part of this agreement, Zhao pleaded guilty to failing to implement an effective anti-money laundering program. Zhao later resigned as CEO, with reports indicating he was barred from operating or managing Binance in the U.S. A possible presidential pardon might change the platform’s ability to conduct business in the country. Under Mark Uyeda's acting chairmanship, the SEC has softened its enforcement efforts against crypto firms.
Allegations of talks between Trump and Binance remain contentious, with CZ continuing to deny their existence while focusing on cryptocurrency advancement.
