Trump Family’s Wild Crypto Adventure: Will CZ Get a Pardon or Just a Pat on the Back?

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Well, it seems the Trump family has decided to dip their toes into the murky waters of cryptocurrency by discussing a stake in Binance.US, the American offshoot of Binance, which, if you didn’t know, is the world’s largest cryptocurrency exchange. Because why not? If you can’t beat them, join them, right? 💸

Now, these negotiations are happening at a rather interesting time, as Binance’s founder, Changpeng Zhao—affectionately known as CZ (because who doesn’t love a good nickname?)—is on a quest for a presidential pardon. This comes after he pleaded guilty in 2023 for violating anti-money-laundering laws. Talk about a plot twist worthy of a soap opera! 📺

Apparently, the talks kicked off after Binance decided to reach out to Trump’s allies last year, presumably while sipping on some fine Trump-branded wine, in an effort to reestablish a foothold in the U.S. market. Because nothing says “trustworthy” like a company that’s been in hot water with regulators! 🥴

The potential deal could involve the Trump family directly or be funneled through World Liberty Financial, a Trump-backed cryptocurrency venture that popped up in September. However, the million-dollar question remains: would this stake come with a side of pardon for Zhao? 🍔

Steve Witkoff, a close Trump associate and the administration’s go-to guy for Middle Eastern and Ukrainian negotiations (because why not mix politics with crypto?), has reportedly been playing a role in these discussions, according to sources who probably have a direct line to the WSJ. 📞

Binance’s Legal and Business Challenges

Now, let’s talk about Binance’s legal woes. The company has been under intense regulatory scrutiny in the U.S., culminating in a whopping $4.3 billion settlement in 2023 over allegations of facilitating illicit transactions. That’s a lot of zeros! 💰

As part of this delightful agreement, Zhao had to step down as CEO and serve four months in prison. But don’t worry, he’s still the majority shareholder. It’s like a game of Monopoly where you can go to jail but still own Boardwalk! 🎲

In recent months, Binance has been trying to position itself for a triumphant return to the U.S. market. They’ve set up an internal working group under CEO Richard Teng to explore legal pathways, all while acknowledging that Zhao’s criminal conviction might throw a wrench in their plans. Because nothing says “welcome back” like a criminal record! 🚪

Trump’s pro-crypto stance has certainly added some fuel to Binance’s fire. His administration has been busy rolling back regulatory restrictions on the industry, signing executive orders that seem to benefit digital asset firms. It’s like a crypto party, and everyone’s invited! 🎉

However, the potential Trump-Binance deal raises eyebrows about conflicts of interest. It would create an unprecedented overlap between the presidency and private business dealings. Unlike past presidents, Trump has kept a tight grip on his assets through his family, allowing them to chase business ventures while he’s busy running the country. What could possibly go wrong? 🤔

In a separate but equally eyebrow-raising development, Binance executives have been studying the case of Justin Sun, a crypto entrepreneur facing SEC charges, who invested a cool $30 million in Trump’s World Liberty Financial last year. Following Sun’s investment, the SEC decided to hit the pause button on its fraud case against him. Coincidence? You be the judge! ⚖️

Oh, and let’s not forget that Binance recently secured a $2 billion investment from a UAE-backed firm called MGX. Because when it rains, it pours! ☔

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2025-03-13 16:51