State Department Spokesman Matthew Miller Advised Chinese Crypto Exchange Under Federal Investigation
New Biden Official Worth Up to $60 Million Advised Chinese Crypto Exchange Under Investigation
State Department spokesman Matthew Miller, who recently joined the Biden administration, has been revealed to have advised a Chinese cryptocurrency exchange under investigation for fraud, money laundering, and enabling Islamic terrorist groups to use its platform. This news is particularly concerning given Miller’s previous work as a partner at crisis communications firm Vianovo, which counts BAM Trading Services, the San Francisco-based subsidiary of Chinese crypto giant Binance, among its clients.
The Commodity Futures Trading Commission Sues Binance and Its Founder
The Commodity Futures Trading Commission sued Binance and its founder, Changpeng Zhao, in federal court in March for allegedly coaching wealthy clients on how to evade regulations that bar Americans from trading cryptocurrency derivatives. The commission also alleged that Binance executives discussed turning a blind eye to transactions conducted by Hamas, the Palestinian terrorist group. Miller’s work for Binance’s public relations firm could raise eyebrows as he reenters the public sector.
Miller’s Lucrative Consulting Work
Consulting work was highly lucrative for Miller, who has between $30 million and $60 million in assets, including a $25 million to $50 million investment in a Vanguard investment fund, according to financial disclosures obtained by the Washington Free Beacon. Over the past calendar year, Miller received $85,000 in income from Vianovo and $786,435 from its affiliate, VNPG. NBCUniversal paid Miller $98,027 for his appearances on MSNBC, where Miller appeared frequently to trumpet the Trump-Russia collusion hoax.
Binance’s Links to China and Federal Investigations
Binance and Zhao have faced additional scrutiny for hiding extensive links to China. According to the Financial Times, Zhao repeatedly instructed Binance employees to lie about the company’s presence in China because of the heightened scrutiny the relationship would bring the company. Binance, the world’s largest crypto market, has hired a stable of attorneys and lobbyists to handle the federal investigations. Zhao and the company recently hired the white-shoe law firm Latham & Watkins and lobbyists from Hogan Lovells, ICE Miller Strategies, and Fierce Government Relations to lobby Congress and federal agencies.
State Department Responds
A State Department spokesperson responded to say that “personnel across the administration follow the highest ethical standards, including recusals when appropriate.”
Update May 2, 10:50 a.m.: This piece has been updated to include comment from the State Department.
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