US senators ask DOJ, Treasury to consider Binance-Trump ties — Report
A group of Democratic senators has expressed concerns to the US Department of Justice and Treasury about President Donald Trump's connections to cryptocurrency exchange Binance and potential regulatory conflicts. They requested information on Binance's compliance with a November 2023 plea agreement, following reports of Trump's deepening ties to the exchange. Binance paid over $4 billion in a settlement, and its former CEO, Changpeng Zhao, stepped down. Lawmakers accuse Trump of corruption for profiting from crypto while influencing industry regulations. Trump launched a memecoin and his family-backed venture announced a $2 billion investment in Binance using its stablecoin. The senators emphasized concerns about Binance's compliance, especially regarding foreign partnerships involving Trump's stablecoin. The letter followed the blocking of a stablecoin regulation bill, with Senator Elizabeth Warren opposing it to prevent perceived corruption. Approximately 40% of Trump's net worth is reportedly tied to crypto, raising questions about conflicts of interest. Zhao has applied for a federal pardon from Trump, which could enable him to re-enter the crypto industry.
