U.S. Senators Investigate Alleged Trump-Binance Connections Amid Regulatory Scrutiny
Democratic senators Chris Van Hollen and Elizabeth Warren have intensified their investigation into potential ties between former President Donald Trump’s family and the cryptocurrency exchange Binance. In a letter dated May 9, 2025, addressed to Treasury Secretary Scott Bessent and Attorney General Pam Bondi, the lawmakers expressed concerns over "staggering" corruption risks if Binance—which they accuse of violating U.S. regulations—receives preferential treatment under a potential administration. The probe highlights ongoing regulatory challenges facing the crypto industry and underscores the political dimensions of cryptocurrency oversight.
U.S. Senators Probe Trump-Binance Ties Amid Regulatory Concerns
Democratic senators Chris Van Hollen and Elizabeth Warren have escalated scrutiny over alleged connections between former President Donald Trump’s family and cryptocurrency exchange Binance. In a May 9 letter to Treasury Secretary Scott Bessent and Attorney General Pam Bondi, the lawmakers cited "staggering" corruption risks should Binance—which they accuse of flouting U.S. regulations—receive preferential treatment under a potential Trump administration.
The inquiry follows Warren’s May 7 social media post highlighting Binance’s history of regulatory non-compliance. The exchange, which dominates global crypto trading volumes, faces ongoing investigations by multiple federal agencies. Senators emphasized the platform’s alleged disregard for anti-money laundering and sanctions enforcement protocols that protect American consumers.
Crypto Market Sees $1.14 Billion in Liquidations as Ethereum Leads Losses
The cryptocurrency market faced a brutal reckoning as leveraged traders were hit with $1.14 billion in liquidations within 24 hours. Data from Satoshi Club reveals 248,048 traders faced margin calls, with Ethereum accounting for the lion’s share at $434 million.
Binance’s BTCUSDT pair saw the single largest liquidation—a staggering $11.97 million position wiped out. The bloodbath serves as a stark reminder of crypto’s volatility, particularly when traders overextend with leverage during turbulent market conditions.
While altcoins bore the brunt, Bitcoin wasn’t spared either. The scale of liquidations suggests a cascading effect across derivatives markets, with exchanges like Binance becoming pressure points during the sell-off.
BNB Price Outlook: Bulls Gain Control as Weekly Close Nears
Binance Coin (BNB) is riding a wave of bullish momentum, climbing 2.82% in the past 24 hours to trade at $634.07. Market sentiment favors buyers as the weekly close approaches, with resistance noted at $643.94 on hourly charts.
The daily chart reveals a critical juncture at $643.72—a close below this level may trigger a correction toward $619.90. Yet the broader uptrend remains unchallenged, offering bulls room to maneuver.
Bitcoin Surges Past $100K Amid Short Liquidations and Shifting Sentiment
Bitcoin breached the $100,000 threshold for the first time in months, currently trading at $102,922—a 3.5% daily gain and just 5.2% below its January all-time high of $109,000. The rally marks a decisive break from weeks of consolidation between $93,000 and $98,000.
Derivatives data reveals a pivotal shift: positive funding rates emerged after Binance’s short liquidation clusters removed downward pressure. "These events act like a coiled spring," noted CryptoQuant’s Amr Taha, highlighting how forced buybacks flipped trader positioning from bearish to bullish almost overnight.
Senate Democrats Probe Trump’s Alleged Ties to Binance Amid Crypto Scrutiny
Fresh scrutiny has emerged over former President Donald Trump’s alleged connections to Binance, the world’s largest cryptocurrency exchange. A group of Senate Democrats, including Elizabeth Warren, Chris Van Hollen, and Richard Blumenthal, are demanding answers from the Treasury and Justice Departments regarding potential oversight lapses following Binance’s November 2023 plea deal.
Lawmakers have raised concerns about the TRUMP family’s deepening involvement with Binance, particularly through stablecoin ventures. The letter to Treasury Secretary Scott Bessent and Attorney General Pam Bondi signals growing political attention on the intersection of cryptocurrency and regulatory compliance at the highest levels of government.
Why Is Doodles Price Dropping: Will $DOOD Binance Listing Help?
Doodles token (DOOD) faces downward pressure amid broader market volatility. The project’s potential Binance listing emerges as a critical inflection point, with traders speculating whether exchange support could reverse the bearish trend.
Market sentiment remains fragile as altcoins struggle to decouple from Bitcoin’s price action. A Binance listing typically provides liquidity and visibility, but sustained recovery depends on fundamental adoption drivers beyond exchange mechanics.
