Representatives of Donald Trump’s family have allegedly discussed acquiring a financial stake in Binance’s US arm, The Wall Street Journal reported on Thursday.
Changpeng Zhao, the crypto exchange’s founder, is seeking a presidential pardon, The Wall Street Journal revealed in a report on Thursday.
Zhao, widely known as CZ, served four months in prison after pleading guilty to breaching anti-money-laundering laws. Despite stepping down as Binance CEO following a $4.3 billion settlement with US authorities in 2023, he still stands as the company’s largest shareholder.
According to the report, talks began last year when Binance approached Trump allies with a business proposal for the family. The move was seen as part of the exchange’s strategy to regain access to the American market after regulatory setbacks.
The Trump family’s potential investment could come directly or through World Liberty Financial, a cryptocurrency venture linked to the president’s family, launched in September.
Steve Witkoff, a long-time Trump associate and key negotiator in the Middle East and Ukraine, has reportedly been involved in the discussions, though the US administration official denied this.
However in a post on X, Zhao denied the report, saying there were no discussions “of a Binance US deal with… well, anyone.”
He further added that the article was “an attack on the President and crypto.”
For Binance, a pardon for Zhao could help clear regulatory obstacles and smooth its return to the US market, where its share has plummeted from 27 per cent to just over 1 per cent due to enforcement actions.
For the Trump family, a stake in Binance US would offer an opportunity to back a major crypto platform at a time when the administration is rolling back regulations on the industry.
If confirmed, the talks also raise fresh conflict of interest concerns, as Trump continues to mix presidential power with business interests. Unlike past presidents who placed their assets in blind trusts, Trump has retained family control over his holdings while pursuing new ventures.
Meanwhile, in a separate development, the UAE-based fund MGX, led by the brother of the UAE’s president, announced a $2 billion investment on Thursday for a minority stake in Binance. MGX is also involved in Stargate, a major US artificial intelligence infrastructure project backed by Trump.
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