Binance CEO Richard Teng has firmly denied reports that Binance.US was engaged in deal discussions with entities linked to U.S. President Donald Trump. Speaking at the Blockworks 2025 Digital Asset Summit in New York, Teng reiterated previous statements from both Binance founder Changpeng “CZ” Zhao and Trump, dismissing the claims.
On March 13, The Wall Street Journal reported that Binance.US—an independently operated U.S. branch of the global cryptocurrency exchange—was in talks to sell an equity stake to Trump-affiliated business entities. The report suggested a potential deal with World Liberty Financial, a decentralized finance (DeFi) project linked to the Trump family.
Teng Reaffirms Binance’s Position
“I believe both World Liberty Financial as well as CZ himself have tweeted and denied the rumors, right? So there’s really nothing else to add,” Teng said during his panel discussion. He emphasized that Binance.US operates separately from Binance’s global platform, stating, “US and dotcom are quite different animals, right? They have different sets of shareholders, different boards of directors, and different CEOs running the show.”
Despite distancing Binance from the reported deal, Teng acknowledged that Trump’s administration has been favorable to the cryptocurrency industry. “Last year was a landmark year in that institutions are finally coming on board,” he said. “With President Trump coming out with both [a] strategic crypto reserve or asset stockpile, it will force governments around the world to look at this space quite seriously.”
Trump’s Crypto Advocacy and Binance’s Position
Unlike his predecessor Joe Biden, Trump has openly supported cryptocurrency innovation. He has expressed a vision of making the U.S. the “world’s crypto capital” and appointed pro-industry figures to regulatory leadership roles. His stance has been welcomed by many in the sector, including Binance, which has benefited from a more favorable regulatory environment.
However, the alleged connection between Binance.US and Trump-affiliated businesses has sparked concerns regarding transparency and potential conflicts of interest. The Wall Street Journal report further suggested that CZ, who recently served a four-month prison sentence in the U.S., might be seeking a presidential pardon from Trump, adding another layer of complexity to the situation.
Denials and Industry Reactions
Both CZ and Trump swiftly denied the report. CZ addressed the claims in a post on X (formerly Twitter), dismissing the article as inaccurate. Trump took to Truth Social, his proprietary platform, where he criticized The Wall Street Journal, calling it “Globalist” and accusing it of being influenced by the European Union.
“The Globalist Wall Street Journal has no idea what they are doing or saying. They are owned by the polluted thinking of the European Union, which was formed for the primary purpose of ‘screwing’ the United States of America,” Trump wrote.
The controversy follows Trump’s recent foray into the crypto space. On January 18, he launched a memecoin and strengthened ties with World Liberty Financial, signaling an unprecedented involvement of a U.S. president in the digital asset industry. Experts have warned that such moves could blur the lines between politics and financial interests, raising ethical questions.
Binance’s U.S. Market Challenges
While Binance remains the world’s largest cryptocurrency exchange, its U.S. counterpart lags behind Coinbase in market share. Regulatory scrutiny and compliance challenges have limited Binance.US’s growth, further fueling speculation about potential strategic partnerships.
Despite the denials, the ongoing discussion highlights the intricate relationship between politics and cryptocurrency. As the 2024 election cycle unfolded, Trump’s engagement with digital assets marked a shift in governmental attitudes toward crypto. Whether this will translate into policy changes benefiting Binance or the industry at large remains to be seen.
