May 09, 2025
WASHINGTON – In a significant development today, U.S. Senators Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.), Sheldon Whitehouse (D-R.I.), and Mazie Hirono (D-Hawaii) have made a public appeal to Treasury Secretary Scott Bessent and Attorney General Pam Bondi for clarity on the Trump Administration’s stance regarding the cryptocurrency exchange Binance. The Senators are particularly concerned about the exchange’s compliance with the legal obligations stemming from its recent guilty plea and settlement related to serious federal charges, including money laundering and violations of U.S. sanctions laws.
The urgency of the Senators’ inquiry arises from reports indicating that Binance executives recently held discussions with officials in the Treasury Department about potentially easing the company’s compliance requirements as part of its 2023 settlement. This development is especially troubling given that Binance has been linked with World Liberty Financial, a cryptocurrency company associated with the Trump family.
In their letter, the Senators articulated several specific concerns, particularly regarding the legal obligations imposed on Binance following its 2023 guilty plea. They stressed the importance of regulatory oversight by questioning the measures that the Treasury and the Department of Justice are taking to ensure Binance adheres to its plea agreement. The Senators pointed out that these agreements were crucial to safeguarding American consumers and maintaining the integrity of the financial system.
“We are writing with concerns about recent reports of meetings between Binance executives and officials from the Treasury Department,” the Senators stated. Their letter referenced a Wall Street Journal article detailing discussions about the company’s compliance with legal mandates following its guilty plea on serious charges that included facilitating transactions related to terrorist groups such as Hamas and ISIS. These allegations raise significant questions regarding Binance’s commitment to U.S. laws designed to protect national security and promote compliance in the financial sector.
Moreover, the letter highlighted the troubling connection between Binance and the Trump family. The Senators noted that on March 13th, there were reports about potential financial interest from President Trump’s family in Binance. Shortly afterwards, the Trump family’s company, World Liberty Financial, announced plans to launch a stablecoin, USD1. This stablecoin’s introduction has raised eyebrows, especially given that the former Binance CEO publicly welcomed this new financial venture on social media, further intertwining the Trump family’s interests with those of a company under legal scrutiny.
Recent announcements by Eric Trump, the President’s son, alongside co-founder Zach Witkoff, indicate that the Emirati investment firm MGX is poised to broker a $2 billion deal with Binance, effectively using the new stablecoin. Notably, reports suggest that this partnership could yield substantial financial benefits for the Trump family, presenting them with a possible profit pathway through connections with foreign investment entities.
The Senators underscored the risks of reducing federal oversight on Binance, emphasizing that loosening regulations could exacerbate the already precarious environment surrounding cryptocurrency operations. Concerns are particularly valid given Binance’s historical propensity to prioritize profitability over legal compliance, risking American consumer safety and interests.
The letter posed four key questions aimed at extracting more information from Secretary Bessent and Attorney General Bondi:
- What steps have Treasury and the Department of Justice taken to maintain mandatory compliance with Binance as required by its plea agreements?
- What is the status of Binance’s pending exit from the United States? Please provide information related to the actions taken so far, and an updated timeline for its complete exit.
- Has Binance raised the topic of a potential pardon for former CEO Changpeng Zhao with any Treasury or Department of Justice officials? If so, what was the context of that conversation?
- Has Binance discussed World Liberty Financial or its interest in listing a new stablecoin on Binance with any Treasury or Department of Justice officials? If so, what was the context of that conversation?
These inquiries demand prompt answers to ensure that regulatory bodies remain diligent in safeguarding the U.S. financial landscape from entities that have previously engaged in illegal activities. The Senators have requested responses by May 21st, 2025, emphasizing the necessity of transparency amidst a backdrop of intricate political and financial entanglements.
A copy of the letter is available here and below.
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