Binance, which paid billions of dollars in fines in the United States, is now in discussions to list a new dollar-pegged stablecoin launched by the Trump family’s crypto venture, World Liberty Financial. According to a Wall Street Journal report citing “people familiar with the discussions,” the venture could potentially bring in billions in profits for the Trump family.
Binance’s Approach to Re-entering the US Market
The report also noted that executives from Binance met with officials at the US Treasury Department last month to discuss the possibility of easing oversight of the exchange. In particular, they raised the issue of removing the US monitor who was appointed to oversee Binance’s compliance with anti-money laundering laws.
As part of a plea deal with the Justice Department in November 2023, Binance agreed to pay a record $4.3 billion in fines to the department, along with a separate $2.7 billion to the Commodity Futures Trading Commission (CFTC). The company also had to exit the US market. Its founder, Changpeng Zhao, stepped down as CEO, pleaded guilty to money laundering charges, and served four months in a US prison.
The latest report highlighted that Binance is now pushing for a presidential pardon for Zhao, which would clear the way for the company to re-enter the US market. While neither Binance nor Zhao have commented on any business deal with the Trump family or World Liberty Financial, Zhao recently posted on X that “no felon would mind a pardon.”
An earlier Wall Street Journal article also revealed that Trump family representatives were in talks with Binance to acquire a stake in Binance.US, the separately operated US arm of the global exchange.
Donald Trump’s Crypto Venture
Key figures behind World Liberty Financial include US President Donald Trump, who holds the title of “chief crypto advocate”, and his sons, Donald Jr. and Eric Trump, who are listed as “Web3 ambassadors”. Barron Trump is described as the project’s “DeFi visionary”. According to the Trump Organization, President Trump’s assets are held in a trust managed by his children, and he is not involved in day-to-day business operations.
Our whitelist is already a massive success! Thousands of people have joined, and we’re just getting started. Don’t miss your chance to be part of something revolutionary. https://t.co/SG2ui5XCyB pic.twitter.com/ZdLsqZ8eyH
— WLFI (@worldlibertyfi) October 1, 2024
In addition to the Trump family, Chinese-born crypto entrepreneur Justin Sun has reportedly invested at least $75 million in World Liberty Financial tokens and serves as an adviser to the venture. The US Justice Department previously opened an investigation into Sun under the Joe Biden administration, but its current status is unclear since Trump returned to the White House.
Binance’s outreach to the Trump family and the effort to reduce Treasury oversight comes at a time when the Securities and Exchange Commission (SEC) has also pulled back its crypto enforcement. The incoming SEC Chair, Paul Atkins, is considered crypto-friendly, with personal exposure to about $6 million in crypto company investments. Meanwhile, Acting SEC Chair Mark Uyeda had already reduced the agency’s crypto enforcement division, which was formed during Trump’s first term.
Binance, which paid billions of dollars in fines in the United States, is now in discussions to list a new dollar-pegged stablecoin launched by the Trump family’s crypto venture, World Liberty Financial. According to a Wall Street Journal report citing “people familiar with the discussions,” the venture could potentially bring in billions in profits for the Trump family.
Binance’s Approach to Re-entering the US Market
The report also noted that executives from Binance met with officials at the US Treasury Department last month to discuss the possibility of easing oversight of the exchange. In particular, they raised the issue of removing the US monitor who was appointed to oversee Binance’s compliance with anti-money laundering laws.
As part of a plea deal with the Justice Department in November 2023, Binance agreed to pay a record $4.3 billion in fines to the department, along with a separate $2.7 billion to the Commodity Futures Trading Commission (CFTC). The company also had to exit the US market. Its founder, Changpeng Zhao, stepped down as CEO, pleaded guilty to money laundering charges, and served four months in a US prison.
The latest report highlighted that Binance is now pushing for a presidential pardon for Zhao, which would clear the way for the company to re-enter the US market. While neither Binance nor Zhao have commented on any business deal with the Trump family or World Liberty Financial, Zhao recently posted on X that “no felon would mind a pardon.”
An earlier Wall Street Journal article also revealed that Trump family representatives were in talks with Binance to acquire a stake in Binance.US, the separately operated US arm of the global exchange.
Donald Trump’s Crypto Venture
Key figures behind World Liberty Financial include US President Donald Trump, who holds the title of “chief crypto advocate”, and his sons, Donald Jr. and Eric Trump, who are listed as “Web3 ambassadors”. Barron Trump is described as the project’s “DeFi visionary”. According to the Trump Organization, President Trump’s assets are held in a trust managed by his children, and he is not involved in day-to-day business operations.
Our whitelist is already a massive success! Thousands of people have joined, and we’re just getting started. Don’t miss your chance to be part of something revolutionary. https://t.co/SG2ui5XCyB pic.twitter.com/ZdLsqZ8eyH
— WLFI (@worldlibertyfi) October 1, 2024
In addition to the Trump family, Chinese-born crypto entrepreneur Justin Sun has reportedly invested at least $75 million in World Liberty Financial tokens and serves as an adviser to the venture. The US Justice Department previously opened an investigation into Sun under the Joe Biden administration, but its current status is unclear since Trump returned to the White House.
Binance’s outreach to the Trump family and the effort to reduce Treasury oversight comes at a time when the Securities and Exchange Commission (SEC) has also pulled back its crypto enforcement. The incoming SEC Chair, Paul Atkins, is considered crypto-friendly, with personal exposure to about $6 million in crypto company investments. Meanwhile, Acting SEC Chair Mark Uyeda had already reduced the agency’s crypto enforcement division, which was formed during Trump’s first term.
