The Democratic senators will go further to investigate the allegations of corruption against Donald Trump by asking the US Treasury and the Ministry of Justice (DoJ) to clarify the relationship of Crypto Exchange Binance with the Trump family.
This has just followed the reports according to which the MGX of Abu Dhabi will use the Stablecoin USD1, published by World Liberty Financial linked to Trump, to finance his investment in the best exchange of crypto.
Democratic senators investigate the links between Binance and Trump
According to a Bloomberg reportThe Democratic senators, including Elizabeth Warren and Chris Van Hollen, demanded answers from the American treasury and the Doj about the links between Binance and the Crypto Ventures of the Trump family.
In a letter addressed to secretary Scott Bessent and AG Pam Bondi, legislators have raised fears that the American president was linked to an exchange that the country has found guilty of having violated anti-whiteness regulations, alongside its founder Changpeng “CZ” Zhao. CZ was sentenced to four months in prison after pleading guilty to LMA violations.
In the letter, the senators alluded to reports on the MGX of Abu Dhabi using the stablecoin USD1 to finance its investment of $ 2 billion in the exchange of crypto. It should also be mentioned that World Liberty Financial (WLFI) linked to Trump is the Stablecoin transmitter.
Meanwhile, the majority of the supply of stablecoin's circulation appears on the BNB, which puts the relationship between the exchange of crypto and Trump's family in the spotlight. As Coingape reported in March, the Trump family would have discussed the acquisition of participation in the American branch of the superior crypto exchange.
In the letter, the senators also said,
The idea that this administration could allow Binance to continue to operate and develop in the United States is deeply disturbing, in particular since society has repeatedly shown its contempt for federal law and the regulations which ensure the safety of the Americans.
In accordance with this, Warren and the other senators asked Bessent and leaps to provide a report by May 21 on the measures they took to ensure that the exchange of crypto complies with its advocacy agreement. They demanded more to update the planned exit from the exchange of the United States and a calendar for this will occur.
In addition, they surveyed for more clarity on the question of whether Binance discussed a potential forgiveness for CZ with a treasure or a DOJ manager and whether the exchange has spoken of WLFI or the interest of the company to register its stablecoin on the exchange.
Boluwatife Adeyemi
Boluwatifone Adeyemi is a writer and publisher of new experienced crypto who has covered subjects that have crossed several subjects and niches. Boluwatife has the talent to simplify the most technical concepts and facilitate understanding of cryptographic beginners. Far from writing, he is a passionate basketball lover, a traveler and a part-time dengen.
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