"While in office, President Donald Trump has enriched himself far more than any American politician before him. He hasn't done it alone. Perhaps no company has provided more financial and logistical support to Trump's cryptocurrency empire-the engine of his newly acquired wealth-than Binance, the world's largest crypto exchange."
"On its way to becoming the world's dominant crypto exchange, Binance also became notorious as a financial conduit for cyber criminals, sanctions evaders, and militant groups. During President Joe Biden's administration, former Binance CEO Changpeng Zhao, (widely known as CZ) spent four months in federal prison after pleading guilty to violating anti-money laundering laws."
"Under President Trump, that has all changed. Last May, the SEC dropped its lawsuit. In October, Trump pardoned CZ. According to the Wall Street Journal, Binance also worked, with Trump's support, to relax government oversight of the exchange."
President Trump has accumulated substantial wealth through cryptocurrency ventures, with Binance serving as the principal market for World Liberty Financial, the Trump family's primary crypto platform. Binance employees developed USD1, Trump's stablecoin. Previously, Binance faced significant legal consequences under the Biden administration, including its CEO Changpeng Zhao serving prison time for anti-money laundering violations, a $4.3 billion fine, and SEC civil lawsuits alleging market manipulation and mishandling of customer funds. Under Trump's presidency, regulatory pressure has reversed dramatically: the SEC dropped its lawsuit, Trump pardoned CZ, and Binance worked with Trump's support to reduce government oversight. High-level meetings at Mar-a-Lago now include crypto industry executives, government officials, and Trump family members.
#trump-cryptocurrency-wealth #binance-regulatory-relief #crypto-industry-influence #presidential-pardons #financial-oversight
Read at The Nation
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