Changpeng Zhao
Binance preps US comeback, courts Trump for help: report
Binance, the world’s largest cryptocurrency exchange, is plotting a return to the U.S. based on newfound ties with the Trump family.
According to the Wall Street Journal, executives from Binance met with U.S. Treasury officials last month to request the removal or reduction of a federal monitorship that has overseen the exchange’s compliance with anti-money-laundering laws since it pled guilty in 2023 and paid a record $4.3 billion fine.
Canada also fined Binance, but the penalty was much lower at $4.3 million.
At the same time, Binance has been exploring a business deal with World Liberty Financial (WLFI), a DeFi venture that claims to be “inspired” by President Donald Trump and has plans to launch a dollar-pegged stablecoin called USD1. Listing the token on Binance could generate billions for the Trumps, who are currently losing millions on the WLFI venture.
Trump and his family control more than 60% of the WLFI project.
The WSJ reports that Binance’s budding alliance with the Trump family stems from a private gathering in Abu Dhabi last December. Binance founder Changpeng Zhao met with Eric Trump and Steve Witkoff, who helped co-found World Liberty.
Fast-forward to now: The quid pro quo for the Trump administration offers a chance to roll back strict oversight; for the Trumps, Binance’s massive global reach — 250 million users and $65 billion in daily volume— could bolster the family’s crypto ambitions.
Crypto.news reached out to WLFI, but a spokesperson did not respond immediately with a comment.
The Trump administration has already made favorable moves toward the exchange, including disbanding a Department of Justice crypto enforcement unit.
Internally, Binance also seeks a presidential pardon for Zhao, who served four months in prison for violating U.S. anti-money laundering and sanctions regulations.
A Binance spokesperson did not respond to a request for comment.
Meanwhile, Trump representatives have reportedly discussed buying a stake in Binance.US, the exchange’s struggling American arm, and using Zhao’s connections to deepen the partnership.
The situation spotlights the unusual overlap between past enforcement targets and a White House now open to alliances with crypto bigwigs. With Trump — himself a convicted felon — already pardoning figures like BitMEX co-founder Arthur Hayes, the new crypto era in Washington, D.C., seems poised to reward the very “bad actors” the sector’s leaders complain about.
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Wall Street Journal published a report stating that Binance executives met with US Treasury officials to discuss crypto regulatory oversight and negotiate for their re-entry into the US market. In return, Changpeng Zhao (CZ) would provide the US DoJ executives with evidence related to Tron founder Justin Sun. Responding to it, Sun said that he sees CZ as his mentor and that he has nothing to hide from the authorities.
Justin Sun Addresses Rumors, Affirms Trust in Binance CEO
Responding to the circulating rumors, Tron founder Justin Sun emphasized his strong ties with Binance CEO Changpeng Zhao (CZ) and the U.S. Department of Justice (DOJ). In a message on the X platform, the Tron founder wrote:
“CZ is both my mentor and a close friend—he has played a crucial role in supporting me during my entrepreneurial journey”.
Sun praised Zhao’s leadership and ethics, calling them “the highest standard I strive to follow as a founder. He also highlighted TRON’s collaborative relationship with the DOJ, describing the department as “one of T3FCU’s closest and most trusted partners”.
The Tron founder assed that the joint efforts between the two parties have focused on protecting global users through various cases. “Whether it’s CZ or our partners at the DOJ, we maintain direct, honest communication at all times. I have full trust in each and every one of them,” Sun affirmed.
Additionally, Justin Sun said that he’s very optimistic about favourable crypto policy initiatives under U.S. President Donald Trump. Also, sharing optimism about TRON’s prospects, stating, “As the President’s earliest crypto choice, TRX is set to be one of the beneficiaries of this success. ALL IN USA!”
Is WSJ On A Hit Job Against CZ?
Just ahead of the WSJ report, Binance chief Changpeng Zhao shared on X platform, exposing the media platform. He wrote: “Multiple people have told me again WSJ is writing another baseless hit piece about me”.
Last month, a WSJ report also stated that the Trump family was eyeing a stake deal in Binance.US, in return for pardoning CZ from his prison term. CZ later denied the allegations, calling them baseless.
In another development on Friday, the U.S. Securities and Exchange Commission (SEC) and Binance jointly requested a federal judge to extend the pause in their ongoing legal case by an additional 60 days.
The motion comes after both parties described recent talks as “productive discussions,” with the extension intended to allow more time for continued deliberations and potential resolution.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Former Binance CEO Changpeng Zhao has reportedly been appointed to advise Pakistan on Web3 and blockchain technology.
Local media in Pakistan is reporting that CZ has joined the Pakistan Crypto Council as a strategic advisor for the country of 247 million.
Says Senator Muhammad Aurangzeb, Finance Minister of Pakistan, of CZ’s involvement,
“This is a landmark moment for Pakistan.
We are sending a clear message to the world: Pakistan is open for innovation.
With CZ onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and blockchain-driven growth.”
Bilal Bin Saqib, CEO of the Pakistan Crypto Council said,
“Pakistan is opening its doors to the future of finance.
And who better to guide us on this journey than CZ — a pioneer who built the world’s largest crypto exchange and changed the way billions think about financial freedom.”
According to CZ, Pakistan offers “limitless” potential to crypto.
Last week, the Binance founder also inked a deal to advance crypto technologies in the Central Asian nation of Kyrgyzstan.
Said CZ at the time,
“I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading. I find this work extremely meaningful.”
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FTX has recently filed a lawsuit against Binance and its former CEO Changpeng Zhao, demanding a return of $1.8 billion. According to FTX, the fund was fraudulently transferred by its co-founder, Sam Bankman-Fried, to Binance. This legal development has sparked speculations in the broader crypto market, especially as it comes as FTX works to recover funds following its collapse two years ago.
FTX Seeks $1.8B Clawback From Binance And Changpeng Zhao
According to a recent Bloomberg report, FTX alleges that Binance and Changpeng Zhao (CZ) received the $1.8 billion as part of a share repurchase agreement in July 2021. In this transaction, Sam Bankman-Fried or SBF reportedly used a combination of FTX’s own token (FTT) and Binance-branded tokens (BNB and BUSD) to repurchase approximately 20% of the international unit of FTX and 18.4% of the US-based entity.
The report notes that at the time, the total value of these assets was around $1.76 billion. In its filing, FTX contends that it and its sister firm, Alameda Research, may have been financially unstable from the beginning and were likely already insolvent by early 2021.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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