Democratic senators have raised concerns about President Donald Trump’s ties to cryptocurrency exchange Binance and have called for an investigation by the US Treasury and Justice Department, according to a report by Bloomberg News on May 9.
The lawmakers, including Senators Chris Van Hollen, Elizabeth Warren, Sheldon Whitehouse, and Richard Blumenthal, sent a letter to Treasury Secretary Scott Bessent and Attorney General Pam Bondi requesting information about Trump’s involvement with Binance and its digital assets. The letter specifically mentions Trump-affiliated digital assets and their role in financial transactions involving Binance.
The senators are seeking details about oversight actions related to Binance’s compliance with its plea agreement and its anticipated exit from the US market. They are also questioning whether Binance has discussed listing a new stablecoin and a possible presidential pardon for its former CEO, Changpeng Zhao, with any officials.
Zhao recently confirmed that he filed for a presidential pardon after serving a four-month sentence in federal prison for violating US money laundering and sanctions laws. He also met with the co-founders of World Liberty Financial in Abu Dhabi, which used its stablecoin USD1 to settle a $2 billion investment in Binance.
The senators argue that these transactions raise red flags due to Binance’s legal history and its interactions with the current administration. Despite the company’s criminal record, they are concerned that Binance is continuing to explore partnerships within the US, including with Trump-affiliated entities.
The letter from the senators expressed deep concern about the possibility of Binance continuing to operate and expand in the United States, especially in light of reports that Trump family representatives had discussed acquiring a stake in Binance.US.
Overall, the senators are calling for transparency and accountability regarding Trump’s crypto ties to Binance and are seeking more information about the exchange’s activities and potential influence within the US market. The investigation requested by the lawmakers could shed light on the extent of Binance’s involvement with the Trump administration and its impact on the cryptocurrency industry.