Dive into the captivating world of cryptocurrency trading and the latest buzz in the industry, where an unexpected player has entered the scene – the renowned Trump Family. Surprising revelations suggest that the Trumps are in talks to take a stake in the US division of Binance, one of the world’s leading crypto exchanges. As this partially unexpected news unfolds, we break it down to provide you with a comprehensive understanding of the situation. Meanwhile, Changpeng Zhao, Binance’s co-founder, is reportedly racing against the clock to obtain a pardon from the Trump administration.
# Trump Family Negotiating a Stake in Binance US?
The Wall Street Journal recently reported discussions between representatives of the Trump Family and Binance US on acquiring a financial stake dating back to 2024. Insiders suggest these conversations are integral to Binance’s strategy for re-establishing its presence in the United States.
Allegedly, Binance approached the Trumps with a business proposition, enticed by the opportunity to resolve its legal issues and secure its re-entry into the US market following Trump’s election victory. Yet, the specifics of how the Trump Family might acquire the stake remain uncertain, with rumors hinting at the possibility of routing the deal through the Trumps’ crypto venture, World Liberty Financial (WLF).
Steve Witkoff, the United States Special Envoy to the Middle East and co-founder of WLF, is reportedly connected to the discussions. However, an official from the Trump administration denies this claim, stating that Witkoff is divesting from his business interests.
Is there a ‘Plan B’ for Binance in the US?
In the wake of Trump’s victory, Binance quickly assembled a task force led by CEO Richard Teng, including senior legal and compliance staff, to investigate options. High-ranking Binance officials reportedly found a likely legal strategy in Justin Sun’s unresolved case with the Securities and Exchange Commission (SEC), contemplating a potential cash investment into WLF in exchange for a pardon for Zhao.
# Co-founder of Binance Denies Pushing for a Pardon
Significant outrage sparked within the crypto community over allegations that Zhao has been urging the Trump administration for a pardon amid the ongoing discussions. These claims, combined with the recent controversy surrounding TRUMP and MELANIA memecoins, have caused a stir in the cryptocurrency investor community.
Zhao refuted these claims in a post, citing a lack of factual accuracy in the WSJ’s report. According to Zhao, various individuals confirmed being approached by the WSJ and other media outlets to verify the “deal for a pardon” rumors. Zhao acknowledges the idea of a pardon is appealing, especially considering his unique legal situation in the US – being the only individual ever sentenced there for a single BSA charge.
Adding intrigue to the story, Bloomberg released a report suggesting WLF has considered doing business with Binance Holdings Ltd. The extent and status of these talks are unknown, but possibilities include the development of a US-backed stablecoin in collaboration with the Trumps’ crypto venture.
What is the current value of Binance Coin (BNB)?
As of the past week, the Binance Coin (BNB) is trading at $587.
This comprehensive analysis uncovers the riveting developments surrounding Binance, its potential deals with the Trump Family, and the journey of co-founder Changpeng Zhao. The FAQs below offer additional insights to help readers make sense of this complex and evolving situation.
What does a potential stake in Binance US mean for the Trump family?
If the Trump family acquires a stake in Binance US, it could significantly influence the future direction of the crypto exchange’s US division. It may also indicate the Trumps’ increased interest and investment in the rapidly growing cryptocurrency market.
Why would the co-founder of Binance, Changpeng Zhao, want a pardon from the Trump administration?
Changpeng Zhao is reportedly seeking a pardon in relation to his legal issues in the United States. With a pardon, Zhao might be able to facilitate Binance’s re-establishment in the American market without any legal hindrances.
How could this deal impact the cryptocurrency market?
If finalized, the deal could impact the cryptocurrency market in several ways. Direct involvement of high-profile individuals like the Trumps could add a new level of legitimacy to the crypto space. Furthermore, the introduction of a US-backed stablecoin could also drive market volatility and growth.
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