Hold onto your hats, folks, because we've got some juicy drama in the crypto world! Changpeng Zhao, the charismatic former CEO of Binance, is firing back against claims that the Trump family was eyeing a slice of Binance.US. The Wall Street Journal recently stirred the pot with a report suggesting that Trump's crew was in talks for a financial stake in the U.S. arm of the crypto giant. But CZ is having none of it!
In a lively post on X, Zhao shot down the rumors, saying he hadn't chatted about any such deal with, well, anyone! According to him, more than 20 folks reached out, claiming WSJ and other media outlets were nosing around to verify if he'd cut a deal for clemency—how's that for a plot twist?
The WSJ article alleged that Zhao was on the lookout for a presidential pardon from Trump, hoping to slide back into a management role at Binance. Apparently, Binance had even approached Trump's allies last year with a business proposal to boost its U.S. operations. But CZ called these allegations politically charged and an outright attack on both the President and the world of crypto.
Zhao, who has previously faced the music for breaking U.S. anti-money laundering laws, reminded everyone he's the only person in U.S. history to serve time for a single violation of the Bank Secrecy Act. He cheekily noted that no felon would turn down a pardon but emphasized his commitment to pushing crypto forward, both in the U.S. and globally.
Back in November 2023, Binance settled a massive $4.3 billion fine with U.S. authorities, with Zhao admitting to lapses in Binance's anti-money laundering measures. The company also promised to wave goodbye to the U.S. market. Amidst the settlement, CZ stepped down as CEO, and rumors swirled that he was barred from any future managerial role at Binance. A presidential pardon could potentially flip the script, allowing Binance to rekindle its business in the States.
Since Trump's administration rolled in, there's been a friendlier vibe towards digital assets, reversing the tough stance of the previous regime. The U.S. Securities and Exchange Commission, under acting Chair Mark Uyeda, has eased its crackdown on crypto companies, with some high-profile cases, including those against Binance and Coinbase, hitting the brakes.
So, grab your popcorn, because the crypto saga continues to keep us all on the edge of our seats!
