Representatives of Donald Trump’s family have reportedly discussed acquiring a financial stake in Binance’s US arm, according to the Wall Street Journal. These discussions happened while Binance founder Changpeng Zhao seeks a presidential pardon.
Zhao, also known as CZ, served four months in prison after pleading guilty to violating anti-money-laundering laws. Despite stepping down as CEO, he remains Binance’s largest shareholder. The company settled with US authorities for $4.3 billion in 2023.
As per the report, Binance approached Trump allies last year. The company reportedly proposed a business deal with the family to re-enter the US market.
The potential investment could come directly from the Trump family or through World Liberty Financial. This cryptocurrency venture, backed by the Trumps, launched in September.
Additionally, longtime Trump associate Steve Witkoff has allegedly played a role in the discussions. He serves as Trump’s top negotiator in the Middle East and Ukraine. However, a Trump administration official denied his involvement.
For Binance, a pardon for Zhao would eliminate regulatory barriers. This could allow the company to restart US operations and expand globally with fewer restrictions.
Due to regulatory actions, Binance.US lost significant market share. It dropped from 27% to just over 1%. A Trump family stake could help revive the exchange, especially as the administration relaxes crypto regulations.
If confirmed, these discussions could spark ethical concerns. Unlike previous presidents, Trump has continued managing business interests while in office. Most others placed assets in blind trusts.
Meanwhile, a major investment in Binance was announced. On Thursday, UAE-based fund MGX revealed a $2 billion investment in the company.
The fund is led by the UAE president’s brother. It also plays a role in Stargate, a key US artificial intelligence project backed by Trump.
