According to a report, BinanceA prominent cryptocurrency exchange would have secretly helped President Donald Trump The Cryptocurrency company of family prior to the founder, Changpeng ZhaoLooking for a presidential grace.
What happened: Binance is said to have written the core code for the Stablecoin of the Trump family, USD1. This currency was introduced by World Liberty Financial, a cryptocurrency company founded by Eric Trump And Donald Trump JR.
The code is said to have facilitated an Emirati investment firm to acquire a $ 2 billion interest in Binance using USD1. Binance also launched USD1 to its user base of 275 million.
According to the report Through Bloomberg refuted, despite the launch of USD1, both Binance and World Liberty reports of cooperation on a new Stablecoin. It is still uncertain whether World Liberty Binance of Zhou compensated for the creation of the coin.
In 2023, Zhou and Binance admitted that they violate American anti-money laundering laws. Zhou paid a fine of $ 50 million and left the company, which also paid $ 4.3 billion in fines. He later sought a presidential grace, against his earlier denial.
Also read: Ex-Trump Family Attorney raises alarms about Trump’s actions as president: “I have never been so worried”
A Binance spokesperson informed the outlet that the pardon request of Zhou was a personal decision and that he no longer has an association with the company. World Liberty rejected the allegations in the report as political motivated.
Why it matters: The allegations against Binance can have important consequences for the cryptocurrency industry. If it turned out, it would reveal a large violation of trust and potential violation of the regulatory standards by one of the world’s leading cryptocurrency exchanges.
This can lead to increased control and possibly stricter regulations for the industry. The case also emphasizes the potential abuse of cryptocurrencies for illegal financial transactions, strengthening calls for stronger supervision and transparency in the sector.
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