Binance Eyes U.S. Return with Trump Family Ties
Binance, the world’s biggest crypto exchange, is planning a comeback in the U.S. thanks to its new connections with the Trump family. The Wall Street Journal reports that Binance executives met with U.S. Treasury officials to ask for less strict oversight. This comes after Binance paid a $4.3 billion fine in 2023 for breaking anti-money-laundering laws.
Canada also fined Binance, but the penalty was much smaller at $4.3 million. Binance is now looking at a deal with World Liberty Financial (WLFI), a DeFi project linked to President Donald Trump. WLFI plans to launch a stablecoin called USD1. if listed on Binance, it could earn the Trumps billions.
Trump and his family own over 60% of WLFI. The partnership began at a private meeting in Abu Dhabi last December. Binance’s founder, Changpeng Zhao, met with Eric Trump and Steve Witkoff, a WLFI co-founder.
This alliance could help Binance reduce oversight. For the Trumps, Binance’s huge user base could boost their crypto plans. The Trump administration has already made moves to support Binance, like disbanding a crypto enforcement unit.
Binance is also seeking a presidential pardon for Zhao, who served time in prison for violating U.S. laws. Trump representatives have discussed buying a stake in Binance.US, the exchange’s U.S. branch.
This situation shows an unusual link between past enforcement targets and the current White House. With Trump pardoning figures like BitMEX co-founder Arthur Hayes, the new crypto era in Washington seems set to reward past “bad actors.”
