​Crypto King Who Exposed FTX's Fraud Now Seeks Trump's Help After His Own Money Laundering Scandal​

If there’s one thing we’ve learned about Binance founder Changpeng Zhao (aka CZ), it’s that he has a talent for making headlines… just not the kind most billionaires prefer.

Back in 2022, CZ went head-to-head with FTX’s Sam Bankman-Fried (SBF) in what might as well have been a high-stakes poker game. Only instead of chips, they were playing with billions in crypto and the fate of the entire industry. CZ called SBF’s bluff, exposing the FTT token mess that revealed FTX was basically robbing Peter to pay Paul. SBF lost so badly he’s now podcasting from prison with Tucker Carlson, begging Trump for a pardon, and probably making voodoo dolls of CZ in his spare time.

Then in November 2023, CZ himself was in hot water.. big time. Binance got smacked with a record-breaking $4.3 billion fine from U.S. authorities for anti-money laundering violations. CZ personally pleaded guilty to failing to implement proper controls, stepped down as CEO, and had to fork over $50 million of his own cash. Ironic right? The guy who exposed FTX for fraud got hit for not exactly running the cleanest operation himself.

When it comes to regulatory trouble, Binance is the gift that keeps on giving. The U.K., Japan, and Canada have all either banned or heavily restricted the exchange, with the U.K.’s Financial Conduct Authority going full mean-girl and calling Binance "not capable of being effectively supervised."

But CZ isn’t the kind of guy to let a little global regulatory smackdown keep him down. No, he’s got a new plan… one that reportedly involves the Trump family.

According to recent reports, Binance has been having private little chats with Trump’s inner circle about taking a financial stake in Binance.US. Binance desperately wants back into the U.S. market, and, well, a pardon for CZ wouldn’t hurt either. Yes, the guy who paid billions to settle legal troubles is now allegedly looking to do business with a family that has, let’s say, a flexible relationship with conflicts of interest.

Of course, Trump’s been embracing the industry like a long-lost cousin, launching his own memecoin (because of course he did) and pushing executive orders that favor the crypto market. And let’s not forget his family’s World Liberty Financial venture, which has been a magnet for crypto investors… including some with their own legal baggage.

(Source: DL News)

Binance’s play here is pretty clear: if Trump is back in power, crypto regulation gets looser, Binance gets back in the U.S., and CZ’s legal problems suddenly don’t seem so bad. And let’s not be naive, Trump’s camp sees a chance to make some serious cash off Binance while keeping their crypto interests thriving.

Of course, the biggest question is: will this actually work? Because if there’s one thing we know about Trump, it’s that he doesn’t give out favors for free. CZ may have billions, but does he have Trump-level billions (and power which is even more important). That remains to be seen.

Even if Binance somehow pulls off this comeback, the company’s reputation isn’t exactly stellar. U.S. officials previously accused Binance of facilitating transactions for sanctioned groups like Hamas and the Islamic State, and let’s not forget that at one point, Binance.US had a 27% market share before crashing to just over 1% after its legal battles.

So even with a potential Trump alliance, Binance has a long road ahead. But hey, if there’s anything we’ve learned from the crypto world, it’s that scandals are just part of the business model.

One day you’re exposing your competitor’s fraud, and the next, you’re writing your own billion-dollar settlement check. Life comes at you fast in crypto.

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Stock.News does not have positions in companies mentioned.