According to a Wall Street Journal report on Thursday, which cites sources familiar with the matter, the Trump family is in discussions to acquire a stake in Binance.US, potentially increasing their engagement in the crypto sector. At the same time, Changpeng “CZ” Zhao, the founder of Binance, is actively seeking a pardon from President Trump following his imprisonment for regulatory infractions, the report added.
Trump Takes a Bold Move for Binance
Since returning to the White House, President Donald Trump has been actively influencing the cryptocurrency market. In a surprising turn, the Trump family is now reportedly discussing acquiring a stake in Binance US. According to the Wall Street Journal, these talks involve buying into the American branch of the cryptocurrency exchange.
The conversation started when Binance sought connections with Trump’s allies last year, aiming to reintegrate into the US market through a business partnership with the Trumps. The family could potentially hold this stake either directly or through World Liberty Financial, their crypto venture established in September.
This deal would link the Trumps with a company that confessed to breaking anti-money laundering laws in 2023. Binance, having settled these violations by paying fines totaling $4.3 billion in 2023, views obtaining a pardon for its founder, Zhao, as essential for re-entering the US market.
Also read: MGX Makes Historic $2 Billion Investment in Binance, Marks Largest Single Investment in Crypto
Zhao, who owns the largest share of Binance and served four months in prison after a guilty plea, is now based in Abu Dhabi.
Steve Witkoff, a close Trump ally and key negotiator for Trump in the Middle East and Ukraine conflict, is reportedly part of these discussions. Nonetheless, an administration official has denied Witkoff’s participation, noting that he is currently stepping back from his business roles.
A deal involving a pardon seeker and the Trump family’s investment in Binance.US would blur the lines between Trump’s governmental and business roles, expanding their crypto ventures amid favorable executive orders.
