Trump family in talks to acquire stake in Binance.US
The price of BNB, the native token of Binance, jumped on the news.
Key Takeaways
- The Trump family is in talks to invest in Binance.US, with potential stakes through their venture World Liberty Financial.
- Changpeng Zhao seeks a pardon to aid Binance's US market return, following his previous imprisonment and fines for violations.
Share this article
President Trump’s family is negotiating a stake in Binance.US, a move that could deepen their involvement in the crypto industry, according to a Thursday report from the Wall Street Journal, citing people with knowledge of the discussions.
At the same time, Changpeng “CZ” Zhao, Binance’s founder, has been lobbying for a pardon from President Trump after serving prison time for regulatory violations, the report stated.
CZ had previously expressed openness to receiving clemency from the Trump administration. In a now-deleted December 2 post on X, the founder of Binance stated that he “wouldn’t mind a pardon” from Trump but insisted that he had no intention of returning as Binance’s CEO.
The talks
According to the WSJ report, Binance proactively reached out to Trump’s allies in 2024 to initiate discussions about forming a business relationship with the Trump family.
Binance already operates in the US through its subsidiary, Binance.US, but its market presence has considerably declined following a $4.3 billion fine in 2023 for anti-money laundering violations.
Binance.US’s market share has declined from 27% to just over 1%. US officials previously said the exchange facilitated transactions with sanctioned groups and encouraged US users to hide their location to avoid compliance requirements.
Since returning to office, Trump and his family have consistently shown support for the crypto industry. The stake in Binance’s US arm could be acquired either directly or through World Liberty Financial, a Trump-backed DeFi project.
Steve Witkoff, Trump’s chief negotiator for Middle East and Ukraine matters and a longtime friend of the president, has reportedly been involved in negotiations with Binance on behalf of the Trump family.
The administration, however, has denied his involvement, stating that he is currently divesting from his business interests instead of participating in these negotiations.
The report comes after Binance announced Wednesday that it secured a $2 billion investment from MGX, the Abu Dhabi-based investor that backed Trump’s $100 billion AI plan alongside OpenAI, SoftBank Group, and Oracle.
The talks have continued since Trump’s inauguration, according to people familiar with the discussions. Last month, the SEC requested a court pause its civil case against Binance and Binance.US while developing a regulatory framework for crypto assets.
Share this article
