…After Donald Trump controversially pardoned Binance founder Zhao for his 2023 crypto crimes, the president
admitted that “I don’t know who he is.” Alarmed by the pardon, some lawmakers like Blumenthal are concerned that “instead of actually preventing illicit use, Binance has sought to evade accountability and influence the White House through lobbying and a financial partnership with World Liberty Financial (WLFI), the cryptocurrency firm owned by the sons of President Trump and his special envoy Steve Witkoff.”
According to Blumenthal, Binance is now a “vital engine” of Trump’s family business, as “about 85 percent of WLFI’s stablecoins (USD1) are held in Binance accounts.”
To ensure that Binance isn’t using its potential influence to dodge accountability for its role in allowing “the illicit use of cryptocurrencies, including by Iranian and Russian entities, to bypass US sanctions,” Blumenthal is seeking a wide range of records. Despite shedding some light on why Binance claims it fired its compliance staff, Binance’s complaint, which seems to depend on the court making the same inferences from WSJ’s report as the exchange does, most likely will not satisfy the senator’s inquiry.