Senators Demand Probe Into Trump’s Alleged Crypto Links With Binance

Democrat lawmakers are pressing the Treasury and DOJ to investigate former President Trump’s rumored financial ties to Binance—because nothing says ’drain the swamp’ like diving headfirst into crypto’s murkiest exchange.

The move comes as regulators globally tighten scrutiny on the platform, with Trump’s team denying any connection. Meanwhile, Binance continues its regulatory two-step—settling billion-dollar fines one day, flaunting record trading volumes the next. Just another day in decentralized finance’s wild west.

Details about oversight actions

The letter, which was co-signed by Senators Chris Van Hollen, Elizabeth Warren, Sheldon Whitehouse, and Richard Blumenthal, raises issues over Trump-affiliated digital assets and their role in financial transactions involving Binance.

It comes one week after the disclosure that Abu Dhabi-based MGX WOULD use World Liberty Financial’s stablecoin USD1 to facilitate a

The lawmakers have requested an update on the matter by May 21 and seek details about federal oversight actions related to Binance’s compliance with its plea agreement. 

They also asked for more information about Binance’s anticipated exit from the US market, including whether the exchange had inquired about listing a new stablecoin and if it had discussed a possible presidential pardon for its former CEO, Changpeng Zhao, with any officials.

Zhaohe filed for a presidential pardon after months of speculation about the move. He also recently met with the co-founders of World Liberty Financial in Abu Dhabi.

Binance’s involvement with USD1

USD1 was used to settle MGX’s $2 billion investment in Binance in March. MGX also contributed funding to Trump’s $100 billion AI infrastructure initiative, which was announced shortly after his January inauguration. 

The senators argue that these transactions warrant further scrutiny due to Binance’s legal history and its interactions with the current administration. 

Binance and Zhao admitted in 2023 to violating US money laundering and sanctions laws. Zhao stepped down from his CEO role and served a four-month sentence in federal prison.

Despite the company’s criminal record, the senators expressed concern that Binance continues exploring partnerships within the US, including with Trump-affiliated entities.

The letter stated:

It also referenced reports from The Wall Street Journal indicating that TRUMP family representatives had discussed acquiring a stake in Binance.US.