Former US President Donald Trump's family reportedly held talks to acquire a financial stake in Binance.US — the American arm of the world's largest cryptocurrency exchange.
Talks with Binance.US
According to the Wall Street Journal, discussions began after Binance reached out to Trump's allies to secure a business deal. This was part of a strategy to reinforce its market presence in the US. While deal specifics remain under discussion, one possibility includes involvement with World Liberty Financial, a project backed by the Trumps.
CZ's Pardon Request
Binance's co-founder and former CEO Changpeng 'CZ' Zhao is also seeking a pardon from Trump's administration. In November 2023, CZ pleaded guilty to violating US anti-money laundering laws and was fined $50 million, stepping down from managerial roles. The company settled for a $4.3 billion fine.
Potential Return to the US Market
A pardon for CZ could greatly impact Binance's ability to operate in the US and enhance its global business prospects. The potential involvement of the Trump family in Binance.US could bolster competition with Coinbase in light of evolving crypto regulations. Reports suggest Binance is open to collaboration with Trump's company to resolve legal challenges in the US.
The Trump family's potential stake in Binance could shift the dynamics of the US crypto market, and a pardon for CZ could enable new operational opportunities for Binance in the country.
