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World News See other World News Articles Title: Trump Family Reportedly Holds Deal Talks With Binance Representatives of President Trump's family have reportedly been discussing acquiring a stake in the US arm of crypto exchange Binance as the former Coinbase competitor (banned in the US in 2019) plots its re- entry into the world's largest and most pro-crypto economy. This also comes as Binance founder Changpeng Zhao (CZ) pursues a presidential pardon after pleading guilty to violating US anti-money-laundering laws in 2023. The Wall Street Journal, citing sources familiar with the matter, reports that Trump family members and associates have been discussing with Binance about acquiring a stake in its US arm through World Liberty Financial, a cryptocurrency venture backed by the Trumps. Sources continued that Trump's longtime friend, Steve Witkoff, now his top negotiator in the Ukraine War and the Middle East, has also been involved in the talks for a deal. Binance, the world's largest cryptocurrency exchange, has faced regulatory challenges in the US. In 2019, due to regulatory threats, Binance ceased its primary operations in the US. Officials claimed the exchange facilitated transactions for Hamas and Islamic State and violated AML laws. In 2023, Binance paid $4.3 billion to settle the allegations with the US government. As part of the settlement, CZ was required to step down as Binance's chief executive but remains a majority shareholder. CZ served four months in prison for violating AML laws and was released about a month before the US presidential elections last fall. WSJ noted, "For the Trump family, a stake in Binance.US would give them the opportunity to participate in the potential revival of a one-time competitor to Coinbase in the U.S. crypto trading market, which is thriving as the administration rolls back regulatory threats that limited its growth." It is unclear what type of deal Trump's family would make with Binance or whether it would be contingent on a pardon. CZ and Binance have been eyeing the legal playbook used by the Tron blockchain. WSJ added more color on this: Binance executives saw a potential legal playbook in the saga of Justin Sun, a China-born crypto entrepreneur who invested in a Trump crypto venture last fall as he faced civil charges from the Securities and Exchange Commission, according to a person familiar with the discussions. Sun, founder of the Tron blockchain, had invested $30 million in November in World Liberty Financial, the Trump-backed crypto venture, becoming its largest investor. Last month, the SEC asked a court to pause its fraud lawsuit against Sun and three of his businesses. After Sun's investment, Binance executives internally debated following the same route: a cash infusion into World Liberty Financial in exchange for a pardon for Zhao, the person familiar with the discussions said. If finalized, the deal could revive an old competitor to Coinbase in the cryptocurrency exchange market, as the most pro-crypto president rolls back regulations in the space. A pardon for CZ could pave the way for Binance's return to the US market. Binance Coin jumped as much as 6% on the WSJ report. Gains were quickly erased about an hour after the release. CZ will probably follow the Tron blockchain playbook... Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest
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Is it a good investment? Does it have a good reputation.
The Truth of 911 Shall Set You Free From The Lie
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