Photo credit: www.cnbc.com
Binance’s BNB Token Rises Amid Speculation of Potential Deal with Trump Family
In an unexpected twist amidst a broader downturn in the cryptocurrency market, Binance’s BNB token surged by 4% on Thursday. This uptick followed a report from the Wall Street Journal suggesting that members of the Trump family have engaged in discussions to obtain a financial stake in Binance.US, the American division of the world’s largest cryptocurrency exchange.
Such a partnership would notably associate the Trumps with a company that acknowledged guilt in 2023 for violations related to anti-money laundering regulations.
The Journal reported that Binance approached allies of Donald Trump last year with a proposal aimed at helping the struggling exchange enhance its position in the U.S. market. This development comes as Binance’s founder, Changpeng Zhao — commonly known as CZ — reportedly seeks a presidential pardon after serving time in prison related to similar legal issues.
In response to the Journal’s article, Zhao took to X (formerly Twitter) to refute claims of any negotiations concerning Binance.US or discussions about seeking a pardon. “Sorry to disappoint. The WSJ article got the facts wrong,” he stated. “I have had no discussions of a Binance US deal with… well, anyone.”
Zhao elaborated that he views the story as part of a larger effort to undermine both the cryptocurrency sector and the current administration, alleging that “the residual forces of the ‘war on crypto’ from the last administration are still at work.”
A spokesperson for Binance.US has since indicated that they would not comment further on this matter.
The structure and specifics of any potential financial involvement from the Trump family remains uncertain. However, sources quoted by the Journal mentioned that one proposal under consideration involves World Liberty Financial, a cryptocurrency initiative that reportedly channels 75% of its profits to entities connected to Trump. There is also ambiguity surrounding whether this potential arrangement is linked directly to any pardon for Zhao.
This development is particularly significant for Binance as it seeks to regain trust after a hefty $4.3 billion settlement with regulators. Should this deal materialize, it could represent a significant turnaround for Binance.US, coinciding with indications that Trump may aim to relax regulations that have historically burdened the cryptocurrency landscape.
The Journal’s report also notes that Steve Witkoff, a prominent real estate investor and long-time associate of Trump, is reportedly playing a key role in the discussions as Trump’s top negotiator in the Middle East.
The White House has yet to respond to inquiries regarding this situation.
For further insights, you can access the full article from the Wall Street Journal here: Trump Family Has Held Deal Talks With Binance Following Crypto Exchange’s Guilty Plea
Source
www.cnbc.com