Trump's Crypto Connections: A Look at the Money and Power

Donald Trump's recent pardon of Binance's founder, Changpeng Zhao, has raised eyebrows and sparked debates. Zhao, who pleaded guilty to money-laundering charges, was pardoned by Trump on Oct. 23. Just five days later, Binance started promoting Trump's family crypto coins, USD1 and WLFI, on its U.S. platform.

Questions of Conflict of Interest

This move has led to questions about potential conflicts of interest. Binance's promotion of Trump's coins could increase their value by attracting more investors. But it's not just about the coins. Binance also directed a $2 billion investment through Trump's startup, World Liberty Financial, which is run by Trump family members with no crypto experience.

Critics argue that this deal essentially gives Trump a cut of the investment. Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, has spoken out against it. She said, "The opportunity for corruption is not hypothetical. Trump has already given us a staggering example."

Denials and Skepticism

Binance has denied any wrongdoing, stating that listing Trump's coins was a routine business decision. The White House has also denied any quid pro quo. But the timing of the pardon and the promotion of Trump's coins has led to skepticism.

Trump's Evolving Crypto Stance

Trump's stance on crypto has evolved over the years. He was initially not a fan, but now he and his family have made billions from their crypto ventures. They've launched their own companies and coins, and have developed ties to industry leaders.

Criticism from Both Sides

Democrats and even some Republicans have criticized the pardon. Senator Thom Tillis, a retiring Republican, said, "He was convicted. He's not innocent." Democrats suggest that the pardon could undermine efforts to overhaul crypto regulations.

Other Crypto Firms Backing Trump

Binance isn't the only crypto firm showering money on Trump. Coinbase, the largest U.S. crypto exchange, has also given Trump lots of money. Earlier this year, Trump's SEC dropped a lawsuit against Coinbase soon after the company gave $1 million to Trump's inauguration.

Trump Family's Crypto Success

The Trump family's crypto ventures have been a success. In the first half of 2025, the Trump Organization's income soared 17-fold to $864 million. Critics argue that investors are pouring money into the Trump family business because they want freedom from legal constraints and impunity that only the president can deliver.