US senator urges authorities to investigate Binance's ties with Trump

TechFlow, May 9 — According to Bloomberg, a group of U.S. Democratic senators—including Senator Chris Van Hollen of Maryland and Senator Elizabeth Warren of Massachusetts—sent a joint letter to the Treasury Secretary and Attorney General calling for an investigation into Binance's ties with the Trump family's digital asset project.

The letter highlighted that Abu Dhabi-based investment firm MXG completed a $2 billion investment in Binance in March through USD1, a stablecoin controlled by the Trump family, raising concerns about compliance risks. Previously, in 2023, Binance pleaded guilty to violating anti-money laundering regulations, and CZ served a four-month prison sentence.