A recent report suggests that the Trump family is negotiating to acquire a stake in the US arm of the world's largest crypto exchange, Binance. Meanwhile, former Binance CEO Changpeng 'CZ' Zhao is reportedly seeking a presidential pardon from Donald Trump.
Trump's Growing Crypto Interests
Initially anti-crypto during his presidency, Donald Trump has become a major advocate of cryptocurrencies in his 2024 election campaign. His campaign actively courts crypto investors, accepting donations in Bitcoin, Ethereum, and Solana. This isn't the family's first foray into crypto: in 2024, Trump and his sons backed World Liberty Financial, a DeFi project. Donald and Melania Trump also launched their tokens on the Solana blockchain.
CZ's Pardon Request and Political Motives
Reports from the Wall Street Journal claim that CZ reached out to Trump's allies seeking a presidential pardon after pleading guilty to violating U.S. anti-money laundering laws. He accepted a $4.3 billion settlement and served four months in prison. There's speculation that a Trump-Binance deal might be politically motivated, although CZ denies these claims.
Crypto Community's Reaction to Trump's Moves
The possibility of the Trump family owning a stake in Binance US has sparked mixed reactions in the crypto community. Some see it as a bullish sign for the industry's legitimacy, while others fear excessive centralization and potential policy influence. Critic Ed Krassenstein recently expressed concerns over potential corruption involving the Trumps in the industry.
For now, the Trump family’s potential involvement in Binance US remains speculative. However, ongoing rumors and potential political deals ensure that this story won't fade away anytime soon.
