Founder of Binance, hit with one-star reviews by Pi Network supporters, denies Trump family investment

Zhao quickly took to X on Thursday to deny reports of a business deal with the Trump family, saying "Sorry to disappoint. The WSJ article got the facts wrong," in a post on X. "Fact: I have had no discussions of a Binance US deal with...well, anyone."

Changpeng Zhao, founder of Binance. Photo by Fortune via Reuters Connect

The Journal reported that representatives of the Trump family have been in talks to invest in the U.S. arm of Binance since last year, citing people familiar with the matter who were not named.

At the same time, according to the Journal, Zhao is angling for a pardon from President Donald Trump after pleading guilty to criminal charges and serving four months in prison related to charges Binance failed to adequately screen for money-laundering.

Fortune could not independently verify the reports or the sources that spoke to the Journal. The White House declined to comment when contacted by Fortune. Binance and the Trump Organization did not immediately respond to a request for comment.

On X, Zhao portrayed the Journal report as political, saying the article reflected the Biden administration’s anti-crypto sentiment.

"Feels like the article is motivated as an attack on the President and crypto, and the residual forces of the "war on crypto" from the last administration are still at work."

On the report he is seeking a pardon, Zhao wrote, "No felon would mind a pardon, especially being the only one in U.S. history who was ever sentenced to prison for a single BSA charge."

The mention of a BSA charge is a reference to the Bank Secrecy Act which requires financial institutions to assist the government in preventing money laundering.

While Zhao is no longer working for Binance directly, he now serves as the sole limited partner of investment firm YZi Labs—formerly known as Binance Labs—which operates independently of Binance since rebranding in January.

An American comeback Zhao’s denial of the Journal report comes as the U.S. arm of the exchange reinstated its American dollar-backed fiat services last month after nearly two years, returning the platform’s status as a fully functioning crypto exchange in the U.S. as the regulatory environment under Trump shifts in favor of the industry.

Binance was forced to all but shutter its business in the U.S. after the Department of Justice charged the company with violating anti-money laundering laws and operating an unregistered money transmitter. The company forked over a record $4.3 billion to resolve the suit in 2023.

As part of the settlement, Zhao pled guilty to related money-laundering charges and stepped down as CEO. After serving his four month sentence, he was released from prison in September. Binance is still involved in ongoing litigation with the Securities and Exchange Commission.

However, that may soon come to an end as the SEC concludes multiple lawsuits against other crypto companies and agreed to pause their litigation against Binance for 60 days in February.

The favorable regulatory environment under Trump has reignited interest among foreign crypto companies in the American market and benefitted crypto prices.

Bitcoin reached an all-time high of $109,000 in January amid anticipation for Trump’s industry-friendly policies.

Binance has recently been inundated with one-star reviews on Google Play and the Apple App Store after Pi Network supporters expressed frustration over the exchange's failure to list Pi coins.