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Trump Family Reportedly Explores Stake in Binance Amid Controversy

Discussions reportedly involve a financial investment in Binance's U.S. arm and speculation about a potential presidential pardon for its founder.

Former Binance CEO Changpeng "CZ" Zhao arrives at federal court in Seattle, Washington, on April 30, 2024. US prosecutors want Changpeng Zhao, the founder and former chief executive of Binance, the world's largest cryptocurrency exchange, to serve three years in prison after he pleaded guilty to violating laws against money laundering.
Trump in the Oval Office

Overview

  • The Trump family is reportedly in talks to acquire a stake in Binance's U.S. operations, possibly through their crypto firm, World Liberty Financial.
  • Binance founder Changpeng Zhao, who served four months in prison for violating anti-money laundering laws, has denied seeking a pardon or engaging in such discussions.
  • The Wall Street Journal claims Binance approached Trump allies in 2024, seeking a deal to re-enter the U.S. market, which it exited following legal troubles.
  • Critics have raised conflict-of-interest concerns, particularly as the Trump administration promotes pro-crypto policies, including the creation of a national Bitcoin reserve.
  • Steve Witkoff, a Trump ally and special envoy, is reportedly involved in the discussions, though administration officials deny any direct involvement.