Changpeng Zhao Denies Ties of Trump Family Ties and Binance Amid Controversy

Changpeng Zhao (CZ), the founder and former CEO of Binance, the globe’s largest cryptocurrency exchange, has strongly refuted recent claims suggesting potential investment ties between the Trump family and Binance’s American arm. The allegations surfaced following a Wall Street Journal report hinting at financial negotiations involving the Trump family and Binance.

In a swift response shared on X (formerly Twitter), CZ dismissed the claims outright, stating, “Sorry to disappoint. The WSJ article got the facts wrong. Fact: I have had no discussions of a Binance US deal with…well, anyone.”

Meanwhile, Bloomberg brought further intrigue to the narrative, reporting on discussions between the Trump family’s financial project, World Liberty Financial (WLFI), and Binance. Allegedly, the talks included plans to develop a US dollar-backed stablecoin, although the specifics of any agreements remain unclear.

Adding fuel to the fire, Zhao reportedly crossed paths with Steve Witkoff, co-founder of WLFI and former Middle East envoy for President Trump, during the Bitcoin MENA 2024 conference in Abu Dhabi. However, CZ has staunchly denied any business dealings with WLFI or its representatives, calling Bloomberg’s report speculative and lacking evidence.

The Wall Street Journal also referenced CZ’s past legal troubles, highlighting his guilty plea to charges related to Binance’s failure to monitor money laundering activities, resulting in a four-month prison sentence and a $4.3 billion settlement in 2023. CZ rejected the political undertones of these allegations, stating that such narratives stem from broader anti-crypto sentiment linked to the Biden administration.

Despite these controversies, Binance recently marked a milestone by reintroducing US dollar-backed fiat services in its American division after nearly two years of regulatory battles. This development signifies a potential turning point as the company navigates ongoing legal challenges with the Securities and Exchange Commission (SEC).

As Binance continues its journey through legal complexities and market shifts, its native token, BNB, has shown resilience, recently trading at $576—a 3% rise over the past 24 hours.