Binance, the world’s largest cryptocurrency exchange, is planning to return to the US based on its new relationship with the Trump family.
According to the Wall Street Journal, Binance executives met with U.S. Treasury officials last month to call for the removal or reduction of federal surveillance, which oversaw compliance with the exchange’s response laws, after convicted in 2023 and paid a record $4.3 billion fine.
Canada also fined for vinance, but the penalty was much lower at $4.3 million.
At the same time, Binance is exploring a business deal with World Liberty Financial (WLFI), a Defi venture that claims to be “inspired” by President Donald Trump and plans to launch a dollar-earning Stablecoin called USD1. Listing tokens in Binance can lead to Trump generating billions.
Trump and his family manage more than 60% of the WLFI project.
The WSJ reports that a budding alliance with the Trump family, which stems from a private rally in Abu Dhabi last December. Changpeng Zhao, founder of Binance, met with Eric Trump and Steve Witkoff, who co-founded the World Liberty.
Fast forward ever: Quid Pro Quo for the Trump administration offers the opportunity to roll back strict surveillance. In Trump’s case, Binance’s massive global reach (250 million users and a daily volume of $65 billion) could bolster the family’s crypto ambitions.
Crypto.News contacted WLFI, but the spokesman did not immediately respond with comments.
The Trump administration has already made a positive move towards an exchange, including the dissolution of the Justice Department’s crypto enforcement division.
Internally, Binance is seeking the pardon of Zhao’s president, who served in prison for four months for violating US anti-money laundering and sanctions regulations.
A Binance spokesman did not respond to requests for comment.
Meanwhile, Trump’s representatives reportedly discussed buying stocks in Binance.us, an American arm that is struggling to exchange, and using Zhao’s connections to deepen the partnership.
This situation highlights the extraordinary overlap between past enforcement targets and the White House, which has been opened to partner with Crypto Big Wig. Trump – a convicted felon himself – is a forgiveness figure like Arthur Hayes, co-founder of Bitmex, the new code age of Washington, D.C., and appears to be poised to reward the very “bad actors” that sector leaders complain about.
