Democratic Senators Demand Investigation into Binance’s Ties with Trump Family Amid Compliance Concerns
By: en coinotag|2025/05/09 23:45:04
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According to a recent report by Bloomberg, a coalition of Democratic U.S. senators, including notable figures such as Maryland’s Chris Van Hollen and Massachusetts’ Elizabeth Warren, has initiated a formal request for an inquiry into Binance’s affiliation with a digital asset initiative linked to the Trump family. This request arises in light of a significant $1 billion investment from the Abu Dhabi-based MXG, facilitated through a USD-backed stablecoin associated with the Trump family, raising serious compliance risks . In 2023, Binance faced legal repercussions for infractions related to anti-money laundering regulations, resulting in CEO Changpeng Zhao serving a four-month prison sentence. On May 9th, the senators invoked the “Preventing Current Government Officials from Profiting from Crypto Projects” clause to momentarily stall the progression of the “Stablecoin Act.” They have mandated the Treasury and Justice Departments to clarify three points by May 21st: the status of Binance’s compliance agreement, the timeline for its U.S. exit, and discussions surrounding a potential pardon for CZ. The Wall Street Journal notes that representatives of the Trump family have engaged in negotiations regarding investments in Binance.US, a claim previously denied by CZ. The senators expressed grave concern regarding the administration’s potential approval for Binance’s ongoing operations and expansion within the U.S., given its historical non-compliance with regulations aimed at safeguarding American interests.
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