The world’s leading cryptocurrency exchange, Binance, is strategizing its comeback in the U.S. following new connections with the Trump family.
According to reports, Binance executives recently had discussions with U.S. Treasury officials to seek the lifting or reduction of federal oversight that has monitored the exchange’s adherence to anti-money-laundering regulations since its guilty plea in 2023, which included a record fine of $4.3 billion.
While Canada imposed fines on Binance, their penalty turned out to be significantly lower at $4.3 million.
Simultaneously, Binance is investigating a partnership with World Liberty Financial (WLFI), a decentralized finance project reportedly inspired by former President Donald Trump, which plans to launch a dollar-pegged stablecoin named USD1. If this token gets listed on Binance, it might generate substantial revenue for the Trump family, who are facing financial losses with the WLFI initiative.
Trump and his family hold over 60% control of the WLFI project.
The reported collaboration between Binance and the Trump family originated from a private meeting in Abu Dhabi last December, where Binance founder Changpeng Zhao connected with Eric Trump and Steve Witkoff, a co-founder of World Liberty.
Currently, the reciprocal arrangement for the Trump administration involves a potential easing of strict regulations; for the Trump family, the vast global presence of Binance—boasting 250 million users and $65 billion in daily trade volume—could enhance their endeavors in the cryptocurrency sector.
Attempts to reach WLFI for a statement were met with no immediate response.
The Trump administration has already taken steps that favor the exchange, such as dismantling a Department of Justice unit dedicated to cryptocurrency enforcement.
Internally, Binance is also pursuing a presidential pardon for Zhao, who served four months behind bars and has agreed to cooperate with U.S. authorities.
A Binance representative has not yet commented on the situation.
At the same time, Trump associates are reportedly considering acquiring a stake in Binance.US, the struggling American division of the exchange, leveraging Zhao’s connections to strengthen their partnership.
This development highlights the unusual connections between past enforcement targets and a White House now receptive to partnerships with key players in the crypto industry. Given Trump—who has been convicted—has previously pardoned individuals like the BitMEX co-founder Arthur Hayes, the evolving crypto landscape in Washington, D.C. appears set to benefit the very “bad actors” that industry leaders often criticize.