Binance courts Trump ties as it seeks return to US market and pardon for founder.
Cryptocurrency exchange Binance is deepening ties with the Trump family as it seeks to re-enter the US market, remove regulatory oversight, and secure a pardon for its convicted founder, Changpeng Zhao. According to people familiar with the matter, Binance executives met with Treasury Department officials last month to request the removal or scaling back of a court-appointed monitor overseeing the company’s compliance with anti-money-laundering laws, the Wall Street Journal reported.
Trump-linked stablecoin deal in the works🤔
At the same time, Binance has been in discussions to list a new dollar-pegged stablecoin—USD1—issued by World Liberty Financial, a crypto venture co-founded by members of the Trump family. If listed on Binance’s platform, USD1 could gain rapid access to the global crypto market, where stablecoins like Tether have reaped billions in profits.
For the Trump family, the deal could provide a lucrative foothold in the digital currency world. For Binance, the arrangement could offer political protection and help the exchange ease restrictions imposed after its record $4.3 billion penalty in 2023 for allowing illicit finance on its platform.🥰🔥
