{"id":9921,"date":"2025-03-18T20:13:35","date_gmt":"2025-03-18T19:13:35","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=9921"},"modified":"2025-03-18T20:13:35","modified_gmt":"2025-03-18T19:13:35","slug":"binance-chief-executive-stands-firm-on-rejection-of-trump-family-negotiations","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/18\/binance-chief-executive-stands-firm-on-rejection-of-trump-family-negotiations\/","title":{"rendered":"Binance Chief Executive Stands Firm on Rejection of Trump Family Negotiations"},"content":{"rendered":"

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Binance Chief Executive Officer Richard Teng refuted claims that Binance.US was engaged in negotiations with organizations connected to US President Donald Trump during a panel discussion on March 18 at Blockworks\u2019 2025 Digital Asset Summit in New York.<\/p>\n

Teng\u2019s remarks reaffirmed the stance expressed by Binance\u2019s founder, Changpeng \u201cCZ\u201d Zhao, and Trump, both of whom repudiated the allegations last week. <\/p>\n

On March 13, The Wall Street Journal reported<\/a> that Binance.US, a US cryptocurrency exchange operating independently, was in discussions regarding the sale of an equity stake to Trump-affiliated business entities, which included a potential arrangement with World Liberty Financial, the Trump family’s decentralized finance (DeFi) initiative.\u00a0<\/p>\n

\u201cI believe both World Liberty Financial and CZ himself have tweeted and refuted the claims, right? So there\u2019s really nothing more to elaborate,\u201d Teng stated during the summit, which Cointelegraph covered.\u00a0<\/p>\n

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Richard Teng addressing the audience at Blockworks\u2019 Digital Asset Summit in New York. Source: Cointelegraph<\/em><\/p>\n<\/figcaption><\/figure>\n

Related: <\/strong><\/em>Donald Trump\u2019s memecoin generated $350M for creators: Report<\/strong><\/em><\/a><\/p>\n

Teng affirmed that Binance.US is legally and operationally separate from its larger counterpart.\u00a0<\/p>\n

\u201cThe US and dotcom are significantly different entities, right? They have distinct sets of shareholders, separate boards of directors, and different CEOs overseeing operations,\u201d he remarked.\u00a0<\/p>\n

Nonetheless, Teng acknowledged Trump\u2019s influence, asserting that Binance has gained from the president\u2019s \u201cpro-crypto\u201d policies even though it does not operate directly in the US.\u00a0<\/p>\n

\u201cLast year marked a significant milestone as institutions are finally engaging,\u201d Teng noted. <\/p>\n

\u201cWith President Trump proposing both [a] strategic crypto reserve or asset accumulation, it will compel governments globally […] to seriously consider this sector.\u201d<\/p><\/blockquote>\n

In contrast to his predecessor, Joe Biden, Trump has expressed a desire to establish America as the \u201cworld\u2019s crypto capital\u201d and has appointed industry-friendly leaders to crucial regulatory positions. <\/p>\n

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Source: <\/em>CZ<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Possible conflicts of interest<\/h3>\n

Citing sources knowledgeable about the situation, The Wall Street Journal report indicated that CZ \u2014 who served four months in jail in the US<\/a> \u2014 has been advocating for the Trump administration to grant him a pardon<\/a>.<\/p>\n

\u201cIt remains uncertain what form the Trump family’s involvement would assume if the agreement materializes or whether it would hinge on a pardon,\u201d the report added.<\/p>\n

Binance is recognized as the largest cryptocurrency exchange globally; however, Binance.US trails behind Coinbase in the US marketplace.\u00a0<\/p>\n

CZ dismissed the report in an X post<\/a> issued on the same day. Trump also rejected the claims in a post on Truth Social, his social media platform.\u00a0<\/p>\n

\u201cThe Globalist Wall Street Journal has no comprehension of what they are doing or stating. They are under the influence of the detrimental ideologies of the European Union, which was established primarily to \u2018screw\u2019 the United States of America,\u201d the president remarked.<\/p>\n

Trump\u2019s launch of a memecoin on January 18 and his associations with the crypto firm World Liberty Financial have disrupted norms for US presidents and raised alarms regarding potential conflicts of interest<\/a>, according to experts.\u00a0<\/p>\n

Magazine: <\/strong><\/em>Trump\u2019s crypto endeavors provoke conflict of interest and insider trading inquiries<\/strong><\/em><\/a><\/p>\n