Inquiry sought for examination of partnership between Binance and Trump
Expose of Binance Ties to Trump Family's Crypto Venture via World Liberty Financial
The crypto world's newest drama unfolds as a U.S. senator demands an investigation into the suspected ties between Binance and the Trump family's cryptocurrency saga, orchestrated by World Liberty Financial (WLF). Here's the lowdown on this explosive affair:
World Liberty Financial: A Rising Crypto Star
- Origin Story: Launched in 2024, WLF aims to shake up traditional banking with its decentralized finance (DeFi) approach. The project, spearheaded by Eric Trump, Donald Trump Jr., Barron Trump, and entrepreneur duo Zach and Steve Witkoff, aspires to disrupt the banking sector[2].
- WLFI Token and Funding: The WLF token, integral to WLF's services like lending and yield farming, raised over $550 million through token sales. Big names like Justin Sun backed the project[2].
The Binance-WLF Connection
- MGX Investment: The intriguing twist lies in Abu Dhabi-based MGX, set to inject $2 billion into Binance using WLF's USD1 stablecoin. This investment move could indirectly benefit the Trump family by way of returns on their investment[4][5].
- Conflicts of Interest : The senators have voiced concerns over potential conflicts of interest, presumably allowing WLF to reap benefits and possibly facilitating foreign kickbacks[2][5].
Pardon Quest
- A Pardon Request: Binance's founder, Changpeng Zhao (CZ), is said to have sought a pardon from President Trump. Given CZ's legal past, which includes a $4 billion settlement with the Department of Justice in 2023[4], the pardon request raises eyebrows.
Compliance Legalities
- Settlement History: Binance agreed to pay a massive $4 billion fine to settle criminal charges, with its CEO serving jail time[5]. The senators question whether Binance will adhere to regulatory requirements in the future.
As the investigation unfolds, the cryptocurrency world watches closely, keeping a keen eye on the state of U.S. financial markets and the impact of these ties on regulatory influence and conflicts of interest. Stay tuned for more updates on this X-rated affair.
- The senators' investigation into Binance and the Trump family's cryptocurrency venture, facilitated by World Liberty Financial (WLF), hasWidth=400 height=200 class="is-loaded" raised concerns over potential conflicts of interest, particularly in regard to foreign kickbacks.
- Binance, in a move that could indirectly benefit the Trump family, is on the receiving end of an Abu Dhabi-based MGX investment of $2 billion, using WLF's USD1 stablecoin.
- Changpeng Zhao, Binance's founder, requested a pardon from President Trump in the past, a move that raises eyebrows given his legal past, which includes a $4 billion settlement with the Department of Justice in 2023.
- World Liberty Financial, which aims to disrupt the banking sector with its decentralized finance (DeFi) approach, raised over $550 million for its WLF token, with backing from big names like Justin Sun.
- Binance, in the wake of the ongoing investigation, faces questions about its compliance with regulatory requirements, following a $4 billion fine and subsequent jail time for its CEO.
