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- Trump family representatives discussed acquiring a Binance.US stake while Zhao faced legal issues in the U.S.
- Zhao denied claims that he sought a pardon or discussed a Binance.US deal with Trump’s family.
- Binance.US resumed USD transactions after nearly 19 months as it navigated regulatory challenges.
President Donald Trump’s family representatives are reportedly in talks to acquire a stake in Binance.US. The Wall Street Journal (WSJ) reported that Binance approached Trump’s family representatives last year and proposed a deal to help restart Binance.US operations in the country.
Trump-Linked Firm Considered Binance.US Stake
Binance reportedly proposed a deal to Trump’s family representatives. The stake in Binance.US could have been obtained directly or through World Liberty Financial (WLFI). WLFI is a decentralized finance project backed by Trump. The report did not confirm the structure of the acquisition. It also did not clarify whether the deal depended on a presidential pardon for Zhao.
Zhao's Legal Battle and Financial Penalties
Zhao, the largest shareholder of Binance, faced major legal issues in the U.S. The Securities and Exchange Commission charged Binance and Zhao with securities violations. As a result, Binance.US halted U.S. dollar transactions and faced strict scrutiny.
In November, Zhao admitted guilt to federal charges, including anti-money laundering violations. He agreed to pay a $50 million fine. Binance also settled for $4.3 billion in penalties. In April 2024, a U.S. court sentenced Zhao to four months in prison.
Zhao Denies Seeking Pardon
The WSJ report suggested Zhao sought a presidential pardon from Trump but Zhao has denied these claims. He also rejected reports that he discussed a Binance.US deal with the Trump family.
The allegations persist regarding Binance's possible connections with political figures even though they deny these claims repeatedly. The future operations of the company within the United States remain unclear.
Binance.US Resumes USD Transactions
Binance.US restored U.S. dollar deposits and withdrawals in February 2024. The exchange had suspended fiat services for nearly 19 months. The move came amid shifting regulations and efforts to stabilize operations. Trump and his family continue to support the cryptocurrency industry since his return to office.
