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The Trump family has explored the possibility of acquiring a stake in Binance.US, the American arm of the world’s largest cryptocurrency exchange, according to The Wall Street Journal. These discussions come as Binance founder Changpeng Zhao, also known as CZ, seeks a presidential pardon following his 2023 guilty plea for violating anti-money-laundering laws.
The talks reportedly began when Binance reached out to Trump’s allies last year, hoping to strengthen its position in the U.S. market. The deal could involve the Trump family directly or be facilitated through World Liberty Financial, a cryptocurrency venture backed by Trump that launched in September. However, it remains unclear if the transaction would depend on Zhao receiving a pardon.
Steve Witkoff, a longtime Trump associate and former administration negotiator on Middle East and Ukraine issues, has been involved in these discussions, according to sources cited by WSJ.
Binance has faced regulatory challenges in the U.S., including a $4.3 billion settlement in 2023 over allegations of facilitating illicit transactions. As part of the agreement, Zhao stepped down as CEO, served four months in prison, and retained his position as Binance’s majority shareholder.
The exchange has been looking for ways to reenter the U.S. market. Under CEO Richard Teng, Binance has established an internal working group to explore legal options, recognizing that Zhao’s criminal conviction could complicate its return.
Trump’s pro-crypto stance has helped Binance’s efforts. His administration has taken steps to ease regulatory pressures on digital asset firms, rolling back restrictions and signing executive orders favorable to the industry. However, a potential deal between Trump and Binance raises concerns about conflicts of interest, as it would blur the line between business and politics. Unlike past presidents, Trump has continued to maintain control over his assets through his family, allowing business ventures to proceed while he remains in office.
Meanwhile, on Wednesday Binance announced a $2 billion investment from UAE-backed firm MGX, signaling its continued efforts to strengthen its financial position.
Following the WSJ report, Zhao denied any involvement in talks about a pardon or a deal related to Binance.US. In a post on X, he claimed the article “got the facts wrong” and insisted he had no discussions regarding clemency.
“More than 20 people told me they were asked by the WSJ if I made some deal for a pardon,” Zhao wrote. “I have had no discussions of a Binance US deal with … well, anyone.”
He also suggested the report was politically motivated, calling it part of a broader “war on crypto” and an attack on the U.S. President.
Zhao is still one of the richest people on the planet.