Binance founder Changpeng Zhao (CZ) firmly rejected Wall Street Journal allegations of a potential deal between the Trump family and Binance.US, calling the report baseless and politically motivated. In a pointed response, CZ categorically denied that any discussions had taken place regarding Binance.US investments involving the Trump family, characterizing the WSJ article as an "attack on President and crypto" rather than legitimate journalism.
Claims of Trump-Binance deal are nothing more than political smear tactics against both the President and cryptocurrency innovation.
The contested WSJ report claimed the Trump family was exploring a potential investment in Binance.US following Donald Trump's November 2024 election victory. According to the publication, these purported negotiations allegedly included discussions about a possible presidential pardon for CZ, who recently completed a 4-month prison sentence after pleading guilty to violating U.S. anti-money laundering laws in 2023. The settlement for these violations cost Binance $4.3 billion.
CZ suggested the article might be the work of "residual anti-crypto forces" from previous administrations still embedded within the government, reflecting his ongoing skepticism toward traditional media coverage of cryptocurrency matters. Investors should conduct thorough research into any crypto platform before committing funds, especially during periods of regulatory uncertainty. Over 20 individuals contacted CZ about the Wall Street Journal's inquiries prior to publication. The exchange currently operates in 180 countries with high liquidity that facilitates easy cryptocurrency trading. This reaction aligns with his historical criticism of mainstream financial publications, which he has frequently accused of spreading fear, uncertainty, and doubt about Binance and the broader crypto sector.
The controversy emerges against a backdrop of significant developments for Binance.US, which recently resumed USD deposits and withdrawals for American customers after reaching a 60-day pause in its legal battle with the SEC. The exchange has been working to rebuild its U.S. presence following market exits in 2023 due to regulatory pressures.
Meanwhile, the Trump family has deepened its involvement in cryptocurrency through World Liberty Financial, launching the WLFI token in October 2024 and promoting various memecoin ventures. This growing connection to digital assets has attracted both substantial investment, including a $75 million commitment from Justin Sun, and criticism from anti-corruption experts concerned about potential conflicts of interest.
