Trump family in talks for stake in crypto firm Binance — WSJ
FILE PHOTO: Binance logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration
Washington, United States — Representatives of President Donald Trump’s family have held discussions to acquire a financial stake in the US arm of cryptocurrency exchange Binance, whose founder is seeking a presidential pardon, The Wall Street Journal reported Thursday.
Binance founder Changpeng Zhao, who served four months in prison after pleading guilty to violating anti-money-laundering requirements, has been pushing for clemency from the Trump administration.
Zhao, known as CZ, remains Binance’s largest shareholder despite stepping down as CEO following the company’s $4.3 billion settlement with US authorities in 2023.
READ: SEC pushes forward efforts to ban Binance in PH
According to the Journal, the talks reportedly began when Binance approached Trump allies last year, offering a business deal with the family as part of a strategy to re-enter the American market.
The potential investment could be made directly by the Trump family or through World Liberty Financial, a cryptocurrency venture backed by the Trumps that launched in September.
Steve Witkoff, a longtime Trump friend who serves as his top negotiator in the Middle East and Ukraine, has reportedly been involved in the negotiations, though an administration official denied this to the Journal.
In a post on X, Zhao denied the report, saying there were no discussions “of a Binance US deal with… well, anyone.”
He added that the article was “an attack on the President and crypto.”
For Binance, a Zhao pardon would clear regulatory hurdles for its return to the US market and ease international business operations.
The company’s US arm saw its market share plummet from 27 percent to just over one percent following regulatory actions.
For the Trump family, a stake in Binance in the United States would provide an opportunity to participate in the potential revival of a major crypto trading platform at a time when the administration is rolling back regulatory restrictions on the industry.
The discussions, if confirmed, also raise unprecedented conflict of interest questions as Trump continues to mix his presidential powers and business activity.
Unlike previous presidents who placed assets in blind trusts, Trump has kept his holdings under family control while they continue pursuing business deals.
The news came as United Arab Emirates-based fund MGX, headed by the brother of the UAE’s president, on Thursday announced it has invested $2 billion to take a minority stake in Binance.
State-backed MGX is also involved in Stargate, the United States’ major artificial intelligence infrastructure project, which has been championed by Trump.
