Binance Supports Trump Family Crypto Venture Amid CZ's Clemency Bid

Binance, the world's largest cryptocurrency exchange, has been revealed to be providing behind-the-scenes support to a crypto venture owned by the Trump family. This aid comes at a time when Binance founder Changpeng Zhao, commonly known as CZ, is seeking clemency from former U.S. President Donald Trump. According to sources familiar with the matter, Binance wrote the underlying software code for the stablecoin USD1, launched by the Trump family's World Liberty Financial Inc. This technical support includes developing the “smart contract” that governs the creation of USD1. This coin was used in the spring when a United Arab Emirates-based investment firm purchased a $2 billion stake in Binance.

More than two months after this major transaction, approximately 90% of USD1 tokens in circulation are still held in Binance wallets, according to on-chain data. The interest income generated by these assets could generate tens of millions of dollars in annual revenue for the Trump family. Binance also introduced USD1 to its 275 million user base, a privilege often coveted by stablecoin issuers. However, it remains unclear whether Binance or Zhao received any payment from the Trump family for this service.

Binance's statement emphasized that USD1 had gone through the exchange's “standard listing process.” It also noted that CZ was no longer CEO and that the amnesty application was a “personal decision.” Zhao did not respond to requests for comment. The White House declined to comment. A spokesperson for World Liberty declined to elaborate on the relationship with Binance, but said, “Your allegations are baseless and intended to feed a political agenda.”

It's unclear how the companies first made contact. However, two sources familiar with the matter claimed that CZ met with Steve Witkoff, a Trump associate and co-founder of World Liberty, at a Bitcoin conference in Abu Dhabi in December. At the time, Zhao had just been released from federal custody after a short sentence for violating anti-money laundering regulations, while Binance had paid over $4 billion in fines to U.S. authorities. A member of Witkoff's inner circle denied that the meeting took place. Witkoff, previously appointed as a diplomat by Trump, was reportedly in the process of transferring his shares in World Liberty to his sons. White House Counsel David Warrington stated that Witkoff managed this process in accordance with ethical rules.

The allegations of an alliance between CZ and Trump are significant because they come at a time when both individuals are under intense scrutiny. Trump, who has been a vocal critic of cryptocurrency in the past, has recently shown a more nuanced approach to the technology. His administration has been exploring the potential of a digital dollar, and he has indicated a willingness to engage with the cryptocurrency industry. CZ, on the other hand, has been a prominent figure in the cryptocurrency world, and his appointment as a strategic advisor to the Pakistan Crypto Council is a testament to his influence and expertise.

The allegations of an alliance between CZ and Trump are also significant because they come at a time when the cryptocurrency industry is facing increased regulatory scrutiny. The industry has seen a surge in regulatory actions in recent years, as regulators seek to protect investors and ensure the stability of the financial system. The allegations of an alliance between CZ and Trump could further complicate the regulatory landscape, as they raise questions about the influence of political figures on the industry.

The allegations of an alliance between CZ and Trump are also significant because they come at a time when the cryptocurrency industry is facing increased competition. The industry is facing competition from traditional financial institutions, which are increasingly exploring the potential of blockchain technology and cryptocurrency. The allegations of an alliance between CZ and Trump could further complicate the competitive landscape, as they raise questions about the influence of political figures on the industry.

The allegations of an alliance between CZ and Trump are also significant because they come at a time when the cryptocurrency industry is facing increased scrutiny from investors. The industry has seen a surge in investment in recent years, but there are concerns about the volatility and risk associated with cryptocurrency investments. The allegations of an alliance between CZ and Trump could further complicate the investment landscape, as they raise questions about the influence of political figures on the industry.

The allegations of an alliance between CZ and Trump are also significant because they come at a time when the cryptocurrency industry is facing increased scrutiny from regulators. The industry has seen a surge in regulatory actions in recent years, as regulators seek to protect investors and ensure the stability of the financial system. The allegations of an alliance between CZ and Trump could further complicate the regulatory landscape, as they raise questions about the influence of political figures on the industry.

The allegations of an alliance between CZ and Trump are also significant because they come at a time when the cryptocurrency industry is facing increased scrutiny from the public. The industry has seen a surge in public interest in recent years, as more people become aware of the potential of blockchain technology and cryptocurrency. The allegations of an alliance between CZ and Trump could further complicate the public perception of the industry, as they raise questions about the influence of political figures on the industry.

The allegations of an alliance between CZ and Trump are also significant because they come at a time when the cryptocurrency industry is facing increased scrutiny from the media. The industry has seen a surge in media coverage in recent years, as more journalists become aware of the potential of blockchain technology and cryptocurrency. The allegations of an alliance between CZ and Trump could further complicate the media landscape, as they raise questions about the influence of political figures on the industry.

The allegations of an alliance between CZ and Trump are also significant because they come at a time when the cryptocurrency industry is facing increased scrutiny from the legal community. The industry has seen a surge in legal actions in recent years, as lawyers seek to protect the rights of investors and ensure the stability of the financial system. The allegations of an alliance between CZ and Trump could further complicate the legal landscape, as they raise questions about the influence of political figures on the industry.

The allegations of an alliance between CZ and Trump are also significant because they come at a time when the cryptocurrency industry is facing increased scrutiny from the academic community. The industry has seen a surge in academic interest in recent years, as scholars seek to understand the potential of blockchain technology and cryptocurrency. The allegations of an alliance between CZ and Trump could further complicate the academic landscape, as they raise questions about the influence of political figures on the industry.

The allegations of an alliance between CZ and Trump are also significant because they come at a time when the cryptocurrency industry is facing increased scrutiny from the political community. The industry has seen a surge in political interest in recent years, as politicians seek to understand the potential of blockchain technology and cryptocurrency. The allegations of an alliance between CZ and Trump could further complicate the political landscape, as they raise questions about the influence of political figures on the industry.

The allegations of an alliance between CZ and Trump are also significant because they come at a time when the cryptocurrency industry is facing increased scrutiny from the business community. The industry has seen a surge in business interest in recent years, as companies seek to understand the potential of blockchain technology and cryptocurrency. The allegations of an alliance between CZ and Trump could further complicate the business landscape, as they raise questions about the influence of political figures on the industry.

The allegations of an alliance between CZ and Trump are also significant because they come at a time when the cryptocurrency industry is facing increased scrutiny from the technology community. The industry has seen a surge in technological interest in recent years, as developers seek to understand the potential of blockchain technology and cryptocurrency. The allegations of an alliance between CZ and Trump could further complicate the technological landscape, as they raise questions about the influence of political figures on the industry.

The allegations of an alliance between CZ and Trump are also significant because they come at a time when the cryptocurrency industry is facing increased scrutiny from the financial community. The industry has seen a surge in financial interest in recent years, as investors seek to understand the potential of blockchain technology and cryptocurrency. The allegations of an alliance between CZ and Trump could further complicate the financial landscape, as they raise questions about the influence of political figures on the industry.

The allegations of an alliance between CZ and Trump are also significant because they come at a time when the cryptocurrency industry is facing increased scrutiny from the regulatory community. The industry has seen a surge in regulatory interest in recent years, as regulators seek to understand the potential of blockchain technology and cryptocurrency. The allegations of an alliance between CZ and Trump could further complicate the regulatory landscape, as they raise questions about the influence of political figures on the industry.