Representatives of President Donald Trump’s family have engaged in discussions to acquire a stake in Binance.US, the American arm of the world’s largest cryptocurrency exchange, according to people familiar with the matter.
The talks come as Binance’s billionaire founder, Changpeng Zhao, seeks a presidential pardon following his 2023 guilty plea to violating U.S. anti-money-laundering laws.
The discussions began after Binance approached Trump allies last year with a proposal to partner with the family in an effort to reestablish its business in the United States. It remains unclear what form the deal would take or whether it would be contingent on Zhao’s legal relief.
One possibility under consideration is facilitating the investment through World Liberty Financial, a cryptocurrency venture backed by the Trumps.
High-Stakes Negotiations and White House Ties
According to sources, Steve Witkoff, a real estate executive and longtime Trump confidant, has been involved in the talks. Witkoff, who serves as a key negotiator for the foreign affairs administration, could benefit if the deal is structured through World Liberty Financial. However, an administration official denied his involvement and said he is in the process of divesting from his business interests.
Trump’s financial entanglements have renewed scrutiny since his return to the White House. His family has profited from his political success, with First Lady Melania Trump securing a $40 million documentary deal and Trump himself seeking multimillion-dollar settlements from long-standing legal battles.
However, a direct investment in Binance.US, while the administration considers regulatory actions affecting the industry, would mark an unprecedented intersection of Trump’s political and business interests.
Neither Binance.US nor the Trump Organization has publicly commented on the matter. World Liberty Financial also declined to respond to inquiries.
Binance’s Push to Reenter the U.S. Market
Binance’s legal troubles have complicated its efforts to regain a foothold in the American cryptocurrency sector. In 2023, the company agreed to pay $4.3 billion in fines to settle allegations that it facilitated illicit transactions, including dealings with sanctioned entities such as Hamas and the Islamic State.
Zhao, known as CZ, served four months in prison and was required to step down as CEO, though he remains Binance’s largest shareholder.
Following Trump’s election victory, Binance executives assembled a working group led by CEO Richard Teng to explore pathways back into the U.S. market. Zhao’s criminal conviction has posed a major obstacle, as regulatory scrutiny has deterred potential business partners.
A pardon could remove that barrier and smooth Binance’s domestically and internationally expansion, particularly in the European Union, where regulatory hurdles prevent companies with convicted executives from obtaining licenses.
Binance executives have looked to past legal strategies in the crypto sector for guidance. Justin Sun, a Chinese-born cryptocurrency entrepreneur, invested $30 million in World Liberty Financial last year while facing civil fraud charges from the Securities and Exchange Commission. The SEC later moved to pause its lawsuit against Sun, a development that Binance insiders have studied as a possible blueprint.
Trump’s Crypto Embrace and Regulatory Shifts
Since returning to office, Trump has aggressively supported cryptocurrency, signing executive orders that ease regulatory pressures on the industry.first-ever Crypto SummitSince returning to office, Trump has taken an aggressive stance in support of cryptocurrency, signing executive orders that ease regulatory pressures on the industry.
The White House held its first-ever Crypto Summit shortly after Trump signed an order establishing a government Bitcoin reserve. These moves have strengthened his political ties to the crypto community, which has long been critical of regulatory enforcement under previous administrations.
Binance’s interest in securing a deal with Trump’s family is closely tied to these policy shifts. While American regulatory authorities continue to shape new frameworks for the industry, Binance’s leadership sees an opportunity to reenter the U.S. market with a strong political ally. Executives remain concerned about Zhao’s criminal record and its impact on business operations, and a presidential pardon could eliminate those concerns.
As talks continue, scrutiny over Trump’s business dealings is expected to intensify. Ethics watchdogs have raised concerns about the potential for foreign financial interests to influence the administration through undisclosed cryptocurrency transactions.
While the Trump Organization has previously stated it would not engage in business deals with foreign governments, it has not ruled out partnerships with foreign private entities.
With Binance’s U.S. arm valued at $4.5 billion in 2022 but now facing diminished market share, the potential investment by the Trump family could mark a significant shift in the cryptocurrency industry. Whether the deal moves forward may depend on the outcome of Zhao’s pardon request and the administration’s broader regulatory decisions on digital assets.
