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Binance

CZ Dismisses Rumors Of Trump Family Talks To Acquire Stake In Binance US

Ronaldo Marquez
by Ronaldo Marquez
5 months ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Changpeng Zhao (CZ), the founder and former CEO of Binance, the world’s largest cryptocurrency exchange, has publicly refuted claims regarding potential investment discussions involving the Trump family and Binance’s American operations. 

This denial follows a report by the Wall Street Journal, which suggested that representatives of the Trump family have been in negotiations to acquire a financial stake in Binance’s US arm.

Binance’s Former CEO Responds To Speculative Reports 

In a swift response posted on X (formerly Twitter), Zhao stated, “Sorry to disappoint. The WSJ article got the facts wrong. Fact: I have had no discussions of a Binance US deal with…well, anyone.” 

Related Reading: XRP Lawsuit: Lawyer Unveils Shockingly Simple Way To End It

Bloomberg also reported on Thursday that the Trump family’s project, World Liberty Financial (WLFI), had previously engaged in talks with Binance about potential collaboration, including the development of a new US dollar-backed stablecoin. However, it is unclear whether any substantial agreements were reached.

Notably, Zhao reportedly met with Steve Witkoff, co-founder of World Liberty and former President Trump’s Middle East envoy, at the Bitcoin MENA 2024 conference in Abu Dhabi three months after his release from a halfway house.

Yet, Zhao criticized Bloomberg’s report, indicating it lacked substantive evidence and was based largely on speculation. He emphasized that neither he nor Binance had any business dealings with World Liberty or its representatives, nor had they acquired any World Liberty Foundation (WLF) tokens.

CZ Addresses Pardon Speculation

The Wall Street Journal’s account on the other hand, claimed that discussions about a potential investment by the Trump family have been ongoing since last year, citing unnamed sources familiar with the matter. 

The report also alluded to Zhao’s past legal troubles, including his plea of guilty to criminal charges related to Binance’s failure to properly monitor for money laundering, which resulted in a four-month prison sentence.

In his posts on X, Zhao suggested that the Journal’s article was politically motivated, reflecting an ongoing anti-crypto sentiment from the Biden administration. He expressed concerns that these narratives are part of a broader “war on crypto” that extends from the previous administration. 

CZ also addressed the idea of seeking a presidential pardon, stating, “No felon would mind a pardon, especially being the only one in US history who was ever sentenced to prison for a single BSA charge.” 

Related Reading: Argentina Requests Interpol Red Notice For LIBRA’s Hayden Davis

The timing of Zhao’s denial is significant, as Binance’s US division recently reinstated its American dollar-backed fiat services after nearly two years, marking its return as a fully operational crypto exchange in the country.

Binance faced significant challenges in the US after the Department of Justice (DOJ) charged the company with violating anti-money laundering (AML) laws and operating without a proper money transmitter license, leading to a record $4.3 billion settlement in 2023. 

As part of this agreement, Zhao pled guilty to related charges and stepped down as Binance’s CEO, serving four months in prison before his release in September of the past year.

While Binance continues to navigate ongoing litigation with the Securities and Exchange Commission (SEC), there are signs that these legal challenges may be drawing to a close. The SEC has paused litigation against Binance for 60 days as it concludes multiple lawsuits against other crypto firms.

Binance
The daily chart shows BNB’s price attempting to break to the upside, nearing the $600 mark. Source: BNBUSDT on TradingView.com

At the time of writing, Binance Coin (BNB), the exchange’s native token, was trading at $576, up 3% in the last 24 hours. 

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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