Richard Teng, Chief Executive Officer of Binance Holdings Ltd., has categorically denied recent market speculation regarding alleged business negotiations between the cryptocurrency exchange and associates of former U.S. President Donald Trump. The statement follows a March 13 investigative report by The Wall Street Journal suggesting Trump family representatives had explored potential financial involvement in Binance.US operations.
The original report posited that discussions occurred in 2024 between Binance representatives and Trump affiliates, potentially linking to a proposed presidential pardon for former CEO Changpeng Zhao. Zhao completed a four-month federal sentence in 2024 for anti-money laundering compliance violations under a landmark $4.3 billion regulatory settlement.
“At no point have Binance leadership engaged in negotiations with the Trump family or their representatives regarding our U.S. operations,” Teng stated unequivocally during a press briefing. Current corporate records confirm Zhao maintains a non-executive shareholder position following his 2023 departure from operational leadership.
This clarification comes as Binance continues rebuilding its U.S. market position through enhanced compliance measures, having recently secured partnerships with multiple global financial regulators. Market analysts observe the denial effectively neutralizes speculation that the exchange sought to leverage political connections to advance its North American strategy.
The swift corporate response appears to have stabilized Binance’s native BNB token after initial price volatility, with trading patterns returning to baseline levels within 24 hours of Teng’s announcement. Industry watchdogs note the exchange’s proactive communication aligns with its renewed emphasis on regulatory transparency following the 2023 settlement.
While the Trump family continues involvement in cryptocurrency initiatives through ventures like World Liberty Financial, Binance maintains its position as the global digital asset leader by trading volume. The exchange recently reported a 17% quarter-over-quarter increase in institutional client acquisitions, underscoring its ongoing market dominance despite regulatory challenges.
Legal experts emphasize that any executive pardon discussions would have required formal Justice Department review under current U.S. regulations, making backchannel negotiations legally non-viable. The Securities and Exchange Commission declined to comment on ongoing market surveillance activities.
