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Economy

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Eugene

(65,768 posts)
Sun May 11, 2025, 03:22 PM May 11

Senators demand probe into Trump family's ties with Binance [View all]

Source: TheStreet

Senators demand probe into Trump family's ties with Binance

Anand Sinha
Fri, May 9, 2025 at 3:52 PM EDT 2 min read

Democratic senators have pressed a demand for an investigation into the links between the Trump family-backed crypto venture and the Binance crypto exchange, Bloomberg reported on May 9.

As per the news report, Democratic senators including Chris Van Hollen (D-Md.) and Elizabeth Warren (D-MA) have written a letter to Treasury Secretary Scott Bessent and Attorney General Pam Bondi.

In the letter, the senators have raised concerns about President Donald Trump’s connection to Binance, the world’s largest crypto exchange that was found guilty of money laundering and sanction norms violations in November 2023.

Binance co-founder Changpeng “CZ” Zhao had also pleaded guilty, stepped down from his role as CEO, and served four months in a U.S. prison.

“Our concerns about Binance’s compliance obligations are even more pressing given recent reports that the company is using the Trump family’s stablecoin to partner with foreign investment companies,” Bloomberg cited from the letter, which the publication claims it has seen.

-snip-

Read more: https://finance.yahoo.com/news/senators-demand-probe-trump-familys-195253826.html

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