Binance Founder Denies Trump Family Investment Talks

Changpeng Zhao, the founder of Binance, has strongly refuted recent reports suggesting that the Trump family had been in discussions to invest in Binance's U.S. operations. These reports, which emerged recently, also indicated that such talks were part of broader negotiations for a presidential pardon for Zhao, who had pleaded guilty to a Bank Secrecy Act charge in 2023. The allegations garnered significant attention due to the high-profile nature of the individuals involved.

Zhao, widely known by his initials "CZ," used social media to dismiss the claims, asserting that he had not engaged in any discussions regarding a deal with the Trump family or anyone else concerning Binance.US. He described the reports as an attempt to smear both President Trump and the cryptocurrency industry, characterizing it as a continuation of the "war on crypto" from the previous administration. CZ's denial came after multiple individuals reached out to him, claiming they had been contacted by reporters seeking confirmation of a pardon deal, which he interpreted as an orchestrated effort to fabricate a story.

The reports suggested that Binance had been exploring a business deal with the Trump family as part of a strategy to reenter the U.S. market. The exchange had previously pleaded guilty to violating anti-money-laundering laws and agreed to a substantial settlement. Zhao himself had stepped down as CEO and served a prison sentence, although he remains the largest shareholder of Binance. The alleged strategy involved investing in World Liberty Financial, a crypto venture backed by the Trump family, as a means to secure a pardon for Zhao.

Zhao's response to the pardon reports was nuanced. He acknowledged that "no felon would mind a pardon," but emphasized that he was the only person in U.S. history to be sentenced to prison for a single Bank Secrecy Act charge. He concluded his statement on a lighter note, joking that it was reassuring to see even the Wall Street Journal suggesting he should be pardoned. This response underscored his defiance and his belief in the unfairness of the charges against him.

The denial by Zhao highlights the complex interplay between high-profile figures in the political and financial worlds. The allegations, if true, would have significant implications for both Binance and the Trump family, given the ongoing scrutiny of the cryptocurrency industry and the political landscape. Zhao's firm rejection of the reports serves to clarify his position and distance himself from any potential controversies, while also shedding light on the challenges faced by the cryptocurrency industry in navigating regulatory and political hurdles.