Report: Binance Prepares for US Reentry, Seeks Support from Trump
Binance, the largest cryptocurrency exchange in the world, is strategizing a comeback in the U.S. following new connections with the Trump family.
As reported by the Wall Street Journal, Binance executives had discussions with officials from the U.S. Treasury last month, seeking to lift or lessen the federal monitorship that has been overseeing the exchange’s compliance with anti-money laundering regulations since it admitted guilt in 2023 and settled with a record $4.3 billion fine.
Binance also faced regulatory penalties in Canada, though the amount was significantly less at $4.3 million.
Additionally, Binance is currently looking into a business collaboration with World Liberty Financial (WLFI), a decentralized finance initiative that claims to draw inspiration from former President Donald Trump. They plan to introduce a dollar-pegged stablecoin named USD1. If this token is listed on Binance, it could potentially yield billions for the Trump family, who are facing substantial losses on the WLFI venture.
Trump and his family possess over 60% ownership of the WLFI project.
According to the WSJ, the emerging partnership between Binance and the Trump family originated from a private meeting in Abu Dhabi last December. Binance founder Changpeng Zhao met with Eric Trump and Steve Witkoff, a co-founder of World Liberty.
Looking ahead: The potential agreement with the Trump administration could allow for a reduction in stringent oversight, while Binance’s extensive global presence—boasting 250 million users and $65 billion in daily volume—may enhance the Trump family’s aspirations in the crypto space.
Crypto.news reached out to WLFI for a statement, but a spokesperson was not immediately available for comment.
Notably, the Trump administration has already taken steps that favor the exchange, such as disbanding a Department of Justice unit focused on crypto enforcement.
Within its internal discussions, Binance is also pursuing a presidential pardon for Zhao, who previously spent four months in prison for breaching U.S. anti-money laundering and sanctions laws.
A Binance representative did not respond to a request for comment.
In the meantime, Trump representatives have allegedly talked about acquiring a stake in Binance.US, the struggling American branch of the exchange, utilizing Zhao’s connections to strengthen their partnership.
This scenario highlights the unusual intersections between past enforcement targets and a White House that appears open to forming alliances with prominent figures in the crypto industry. With Trump, a convicted felon himself, already granting pardons to individuals like BitMEX co-founder Arthur Hayes, a new era in crypto in Washington, D.C., seems ready to reward the very ‘bad actors’ that industry leaders have been voicing complaints about.