Trump’s Crypto Pivot Puts Binance’s Zhao Back in Play

World Liberty Financial’s cryptocurrency token, WLFI, debuted on major exchanges on September 1, 2025, signifying a pivotal shift in U.S. policy toward digital assets under President Donald Trump’s leadership. This launch was notable not only for its political implications but also for the substantial financial impact: the Trump family’s wealth was boosted by over $7 billion within days of the token’s release. The event also highlighted changing fortunes within the crypto sector, particularly for figures like Binance’s founder Zhao Changpeng, who contrasted Washington’s pro-crypto stance with efforts from other countries, such as China’s push to internationalize the yuan. Zhao argued that tokenizing U.S. assets could secure America’s financial preeminence, warning that failing to keep pace would lead to irrelevance in global finance. [para. 1][para. 2]

WLFI’s rapid ascent coincided with the U.S. government’s strategic pivot on cryptocurrency policy following Trump’s return to the presidency. Zhao, who was released less than a year earlier from a U.S. prison for anti-money-laundering violations, pointed to the deepening intersection of crypto finance and U.S. politics. Since regaining office, Trump has embraced digital finance, issuing an executive order promoting cryptocurrency innovation and reducing regulation. This pro-crypto tilt was further solidified with the appointment of Paul S. Atkins, a well-known crypto ally, as SEC chairman. Under Atkins, the SEC reduced its crypto enforcement team and paused legal action against Binance, reflecting the administration’s commitment to supporting the sector. [para. 3][para. 4]

Under Zhao’s leadership, Binance has become the largest crypto exchange globally, boasting 280 million users and $125 trillion in aggregate trading volume. On WLFI’s launch day alone, Binance handled $20 billion in trades—about 15% of the global total of $140 billion—while rival MEXC saw only $4 billion. Binance’s own BNB token’s market capitalization stands at over $120 billion. Zhao now primarily resides in Dubai and holds both Canadian and Emirati citizenship. [para. 5]

Zhao’s path to crypto prominence began with his migration from China to Canada as a teen and subsequent study at McGill University. He initially developed financial trading systems before encountering Bitcoin in 2013, prompting a decisive sale of all his assets to invest in the nascent technology. After key roles at Blockchain.info and OKCoin, Zhao launched Binance in 2017. The platform rapidly absorbed users after China banned ICOs and fiat-to-crypto trading, propelling Zhao to Forbes’ list as the richest individual in cryptocurrency by early 2018 and later making him the wealthiest person of Chinese descent in 2021, with a net worth of $94.1 billion. [para. 6][para. 7][para. 8][para. 9]

Despite its success, Binance faced intense scrutiny from U.S. regulators, with major lawsuits filed by both the CFTC and SEC in 2023. Zhao ultimately pleaded guilty in November 2023 to anti-money-laundering charges, stepping down as CEO, paying a $50 million fine, and serving four months in prison, with Binance paying a $4.3 billion penalty. [para. 10][para. 11]

Trump’s second term has transformed the regulatory landscape for crypto. He launched the TRUMP coin before inauguration and soon supported the WLFI token. The World Liberty Financial project, a decentralized finance protocol started in September 2024, received a $2 billion investment in March 2025 from Abu Dhabi’s MGX fund, settled in WLFI’s USD1 stablecoin, which reached a $2.1 billion supply. Binance remains a central platform for distribution. [para. 12][para. 13]

Speculation arose in March about possible Trump family financial ties to Binance U.S. and Zhao seeking a presidential pardon, though Zhao denied any such discussions or agreements had been reached on investments or clemency. [para. 14][para. 15]