According to a recent report, the Trump family might be negotiating to acquire a stake in Binance US, the American division of the world's largest crypto exchange, while former Binance CEO Changpeng Zhao seeks a presidential pardon from Trump.
Trump’s Growing Ties to Crypto
Donald Trump, who has shifted from an anti-crypto stance, is now one of its biggest supporters in the 2024 election cycle. His campaign has actively courted crypto investors, accepting donations in Bitcoin, Ethereum, and Solana. The potential interest of his family in Binance US would not be their first foray into the crypto space. In 2024, Trump and his sons backed World Liberty Financial, a DeFi project. Moreover, Donald and Melania Trump launched their respective tokens on the Solana blockchain.
CZ's Pardon Request
Reports from the Wall Street Journal suggest that Changpeng Zhao, who pleaded guilty to violating U.S. anti-money laundering laws, has privately reached out for a presidential pardon. Following four months in prison and a $4.3 billion settlement with regulators, Zhao remains the largest shareholder of Binance. Speculation indicates a Trump-Binance deal could be a political trade-off, though Zhao has denied these claims.
Crypto Community Reacts
The potential ownership of the Trump family in Binance US has sparked debate in the crypto community. Optimists see it as a positive signal for the legitimacy of the industry, while skeptics fear excessive centralization and policy influence. One notable critic, Ed Krassenstein, commented that Trump's ownership of a meme coin raises concerns about financial interests.
While the Trump family's stake in Binance US is unconfirmed, if realized, it could mark a turning point for crypto regulation. Meanwhile, Binance US continues to seek new investors.
