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 request easing the federal monitorship overseeing its compliance with anti-money-laundering laws.This monitorship was put in place after Binance pleaded guilty in 2023 and paid a record $4.3 billion fine.
Together, Binance is exploring a deal with World Liberty Financial (WLFI), a DeFi project inspired by President Donald Trump. WLFI plans to launch a stablecoin called USD1. If listed on Binance, it could generate significant revenue for the Trumps, who currently face financial losses on the WLFI venture.
The Trump family controls over 60% of WLFI. Binance’s alliance with the Trumps began at a private meeting in Abu Dhabi last December. Binance founder Changpeng Zhao met with Eric Trump and Steve Witkoff, a WLFI co-founder.
This partnership could benefit both parties. For Binance, it offers a chance to reduce strict oversight. For the Trumps, Binance’s massive user base and daily trading volume could boost their crypto ambitions.
The Trump administration has already shown favoritism towards Binance, including disbanding a crypto enforcement unit. Binance also seeks a presidential pardon for Zhao, who served time for violating U.S. regulations.
Internally, discussions are underway for the Trumps to buy a stake in Binance.US,the exchange’s struggling American branch. This situation highlights the unusual overlap between past enforcement targets and a White House now open to crypto alliances.
