Democrat Senators urge Treasury, DOJ to probe Trump’s crypto ties to Binance

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Democratic senators have requested that the US Treasury and Justice Department investigate President Donald Trump’s crypto ties to Binance, Bloomberg News reported on May 9. According to the report, the lawmakers made the request in a letter sent to Treasury Secretary Scott Bessent and Attorney General Pam Bondi. Details about oversight actionsThe letter, which was co-signed by Senators Chris Van Hollen, Elizabeth Warren, Sheldon Whitehouse, and Richard Blumenthal, raises issues over Trump-affiliated digital assets and their role in financial transactions involving Binance.It comes one week after the disclosure that Abu Dhabi-based MGX would use World Liberty Financial’s stablecoin USD1 to facilitate a $2 billion investment in Binance.The lawmakers have requested an update on the matter by May 21 and seek details about federal oversight actions related to Binance’s compliance with its plea agreement. They also asked for more information about Binance’s anticipated exit from the US market, including whether the exchange had inquired about listing a new stablecoin and if it had discussed a possible presidential pardon for its former CEO, Changpeng Zhao, with any officials.Zhao recently confirmed he filed for a presidential pardon after months of speculation about the move. He also recently met with the co-founders of World Liberty Financial in Abu Dhabi.Binance’s involvement with USD1USD1 was used to settle MGX’s $2 billion investment in Binance in March. MGX also contributed funding to Trump’s $100 billion AI infrastructure initiative, which was announced shortly after his January inauguration. The senators argue that these transactions warrant further scrutiny due to Binance’s legal history and its interactions with the current administration. Binance and Zhao admitted in 2023 to violating US money laundering and sanctions laws. Zhao stepped down from his CEO role and served a four-month sentence in federal prison.Despite the company’s criminal record, the senators expressed concern that Binance continues exploring partnerships within the US, including with Trump-affiliated entities.The letter stated:“The notion that this administration might permit Binance to continue operating and expanding in the United States is deeply troubling.” It also referenced reports from The Wall Street Journal indicating that Trump family representatives had discussed acquiring a stake in Binance.US.Mentioned in this articleLatest Alpha Market ReportSource link