Economy Update – Insights
Zhang Ping Chao, the founder of the cryptocurrency platform Binance, has publicly denied any negotiations regarding a potential deal for its U.S. division, Binance.us, or efforts to secure a pardon for his ongoing prison sentence.
In a statement on the X platform, Zhao expressed regret over the speculation: “We regret disappointing.” He asserted that the narrative surrounding these alleged discussions is part of a broader campaign targeting both the cryptocurrency sector and the current U.S. administration, suggesting that remnants of the previous administration’s approach to regulating cryptocurrencies continue to exert influence.
This clarification follows allegations concerning discussions involving members of the Trump family aimed at acquiring a financial stake in Binance’s American operations. Such a connection raises significant concerns, given the platform’s recent violations of anti-money laundering regulations.
Reports indicate that Binance reached out to associates of former President Trump last year, proposing a deal designed to revitalize the stagnating U.S. stock market. Concurrently, the founder has been navigating legal challenges, including incarceration for infractions related to anti-money laundering laws.
In trading activity on Thursday, Binance’s BNB token initially saw a surge of approximately 4% before settling to gains of less than 2% as market fluctuations continued to impact sentiment.
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