Washington: Representatives of former President Donald Trump’s family have engaged in discussions to acquire a financial stake in the U.S. arm of cryptocurrency exchange Binance. This comes as Binance’s founder, Changpeng Zhao, seeks a presidential pardon, according to a report by The Wall Street Journal on Thursday.
Zhao, commonly known as CZ, served four months in prison after pleading guilty to violating anti-money laundering regulations. Despite stepping down as CEO following Binance’s $4.3 billion settlement with U.S. authorities in 2023, he remains the company’s largest shareholder and has been advocating for clemency from the Trump administration.
The Journal reported that talks began when Binance approached Trump allies last year, proposing a business deal with the Trump family as part of its strategy to re-enter the U.S. market. The potential investment could be made directly by the Trump family or through World Liberty Financial, a cryptocurrency venture backed by the Trumps that launched in September.
Steve Witkoff, a longtime friend of Trump and his top negotiator in the Middle East and Ukraine, has reportedly been involved in the discussions. However, an administration official denied this claim to the Journal.
For Binance, a pardon for Zhao would remove regulatory obstacles for its return to the U.S. market and facilitate smoother international operations. The company’s U.S. arm saw its market share drop dramatically from 27% to just over 1% following regulatory actions.
For the Trump family, acquiring a stake in Binance would offer an opportunity to participate in the potential resurgence of a major cryptocurrency trading platform. This comes as the Trump administration has been rolling back regulatory restrictions on the crypto industry.
If confirmed, these discussions raise unprecedented concerns about conflicts of interest, as Trump continues to intertwine his presidential powers with his family’s business dealings. Unlike previous presidents who placed their assets in blind trusts, Trump has maintained control over his holdings while his family pursues business ventures.
The news coincides with an announcement by MGX, a United Arab Emirates-based fund led by the brother of the UAE’s president, which invested $2 billion to acquire a minority stake in Binance. State-backed MGX is also involved in Stargate, a major U.S. artificial intelligence infrastructure project supported by Trump.
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