In the 'crypto empire' of the Trump family, a little-known story is emerging, with Binance's Changpeng Zhao (CZ) at its center.

With the Trump family's cryptocurrency ventures generating wealth at an unprecedented pace, creating over $4.5 billion in profits since the election-surpassing any other sector of the Trump business empire-the decentralized exchange PancakeSwap attracted some attention from the outside world.

In June, the Trump family's crypto firm, World Liberty Financial, announced a partnership with PancakeSwap to boost the adoption of its stablecoin, USD1. Since then, USD1's trading volume on PancakeSwap has surged, becoming a key driver of World Liberty Financial's profit growth.  

However, the announcement omitted a critical detail: according to sources familiar with the matter, PancakeSwap was actually created and continues to be overseen by Binance employees. This revelation ties the Trump family's business interests even more closely to Binance.  

Meanwhile, Binance founder Changpeng Zhao, who served four months in prison last year for his company's money laundering violations and agreed to pay a $4.3 billion fine, has been intensifying his lobbying efforts with the White House in hopes of securing a presidential pardon. Media reports citing insiders indicate that Zhao recently hired Ches McDowell, a lobbyist with close ties to Donald Trump Jr., to push for this cause.  

This series of business dealings has raised scrutiny over potential conflicts of interest. White House Press Secretary Karoline Leavitt responded, “The media's continued attempts to fabricate conflicts of interest are irresponsible,” emphasizing that “neither the president nor his family have ever engaged, or will ever engage, in conflicts of interest.”  

PancakeSwap: Anonymous "Chefs" and Binance's Hidden Hand  

PancakeSwap presents itself as a lighthearted, decentralized platform, claiming to be run by a group of anonymous "chefs" and likening cryptocurrency trading to "flipping pancakes." However, its background is far more complex.  

Former Binance employees reveal that the platform was internally incubated by Binance in 2020 to capitalize on the decentralized finance (DeFi) boom and has remained under Binance's oversight.  

PancakeSwap's exchange operates on Binance's blockchain network, which provides the foundational technical support for its operations. This hidden management relationship means Binance has effectively supplied the critical infrastructure and market channels for USD1's success-without full public disclosure.  

USD1 Stablecoin: The Incentive Game Behind Surging Trading Volumes  

The core of the Trump family's wealth growth lies in World Liberty Financial's stablecoin, USD1. Stablecoins are digital currencies pegged 1:1 to the U.S. dollar, with issuers earning interest by investing reserves in government bonds and money market funds.  

Estimates suggest that with over $2 billion in circulation, USD1 could generate approximately $80 million in annual revenue for World Liberty. The Trump family holds a 40% stake in the company, and according to a disclosure filed on Monday, their share in this cryptocurrency is valued at $4.5 billion.  

To fuel demand for USD1, PancakeSwap acted as a "booster." The platform launched a campaign called the "Liquidity Drive," offering prizes of up to $1 million to the most active USD1 traders.  

Spurred by this incentive, USD1's daily trading volume on PancakeSwap skyrocketed from tens of millions to over $1 billion, accounting for more than 90% of its global trading activity. Trevor Xu, founder of crypto AI firm Tagger, noted, "The prevailing narrative in this ecosystem is that Binance is backing USD1."  

Interwoven Interests: From Investments to Pardon Lobbying  

Binance's support for USD1 extends beyond PancakeSwap. Blockchain data shows that Binance itself holds $2 billion worth of USD1. By refraining from liquidating these stablecoins, Binance ensures that World Liberty can continue to generate profits from its reserve investments.  

Additionally, through its "Binance Alpha" program, Binance promotes new token projects that trade against USD1, further expanding the stablecoin's use cases.  

As business collaboration deepens, Zhao's political agenda appears to surface. Last year, Binance agreed to pay a $4.3 billion fine for serving as a "money laundering hub," and Zhao was imprisoned.  

Citing insiders, media reports suggest that the crypto billionaire, whose net worth exceeds $70 billion, recently hired lobbyist Ches McDowell-who has close ties to Donald Trump Jr.-to secure a presidential pardon. Zhao himself once stated on social media that "no felon would mind getting a pardon," but he denied any connection to business dealings.