CZ has had little involvement with Binance’s U.S. franchise since his 2024 settlement with the Justice Department.
Trump’s family is reportedly looking to invest in Binance.US
Posted March 13, 2025 at 11:05 am EST.
If the Trump family is seeking to invest in Binance.US, it’s news to management.
The Wall Street Journal reported Thursday that members of the First Family were in such talks with Changpeng Zhao, the billionaire founder of Binance international, the world’s largest crypto exchange. The story came as a surprise to Binance.US’ interim CEO Norman Reed and the rest of the executive team in Miami, according to a person close to the situation.
“Management has no connectivity to CZ,” said the source. “They have no idea what he is doing.”
It is an open secret that CZ, who pleaded guilty to money laundering and sanctions violations in November 2023, has been campaigning for a presidential pardon. The Journal article suggested that the deal talks are part of pardon negotiations between CZ and Trump
CZ, for his part, flatly denied the report. “Fact: I have had no discussions of a Binance US deal with … well, anyone,” he tweeted Thursday morning U.S. time.
But according to the source close to Binance.US, CZ is trying to sell at least a portion of his majority stake in the U.S. franchise. His exact ownership is unknown, but he reportedly owns 90% of the international exchange.
This large stake, in addition to his ownership of over 94 million BNB tokens, has made him the richest person in crypto, according to Forbes, which pegs his wealth at $61.4 billion. He stepped back from the business in November 2023 as part of a settlement with the U.S. Department of Justice in which he made the guilty plea. His company also paid a $4.3 billion fine to the government.
As part of the settlement, CZ personally paid a $50 million fine and was sentenced to four months in federal prison. He was released in September 2024. The settlement with federal authorities also required that CZ give his voting power on Binance.US’ board of directors to a proxy, further distancing him from the firm.
Representatives for the White House and Binance did not immediately respond to requests for comment.
