Trump Family Expands Crypto Ambitions Beyond NFTs and Meme Coins
The Trump family’s interest in cryptocurrency extends beyond the realm of basic NFTs and questionable meme coins. A recent report from The Wall Street Journal reveals that World Liberty Financial (WLF), the Trump family’s emerging crypto enterprise, is considering acquiring a financial interest in the troubled cryptocurrency exchange, Binance. This development comes amid ongoing conversations where Binance’s founder, Changpeng Zhao, has reportedly been seeking a presidential pardon from the Trump administration.
Capitalizing on Opportunities Since Election
Since Donald Trump’s election victory in November, the Trump family has seized every opportunity to profit. While his first term was marked by significant transactions involving his hotels and resorts, this time, the Trumps appear to be overtly showcasing new business initiatives that utilize their connections from the White House.
Legal Troubles Surrounding Binance and Zhao
In 2023, both Binance and Zhao faced serious legal challenges, including guilty pleas for financial misconduct such as money laundering, sanctions violations, and conducting unlicensed operations. Following these charges, Zhao served a four-month prison sentence and resigned as CEO, leading to restrictions on Binance’s operations in the United States.
Exploring Business Ties with Binance
Discussions regarding a potential partnership between WLF and Binance reportedly began last year, coinciding with the exchange’s efforts to strengthen its presence in the U.S. during the election period. Sources indicated that the Trump administration’s handling of Chinese investor Justin Sun has encouraged WLF, particularly concerning efforts to secure a pardon for Zhao. Notably, the Securities and Exchange Commission recently sought to pause a fraud lawsuit against Sun, who had invested over $30 million in WLF last November. WLF is led by Donald Trump’s sons—Donald Jr., Eric, and Barron—along with Steve Witkoff, a long-time associate of the Trumps currently serving as the president’s special envoy to the Middle East. Witkoff has reportedly been involved in discussions regarding a potential deal with Binance.
Uncertain Terms of Negotiations
While the specific details of the negotiations remain unclear, the prospect of WLF either acquiring a substantial stake in Binance or receiving a significant financial benefit appears to be a possibility. Furthermore, a pardon for Zhao could potentially facilitate such a deal.
Zhao Denies Negotiation Claims
In response to the report, Zhao refuted the claims on X, stating that the article contained inaccuracies. He emphasized, “I have had no discussions of a Binance US deal with… well, anyone. No felon would mind a pardon, especially being the only one in US history who was ever sentenced to prison for a single BSA charge.”
Trump Family’s Ongoing Financial Ventures
Bloomberg later confirmed the Wall Street Journal’s report regarding WLF’s discussions with Binance, as Binance’s crypto token experienced a surge despite a broader downturn in the cryptocurrency market. The reported negotiations are part of a series of questionable financial agreements that the Trump family has undertaken since the election. Recently, Bloomberg noted that Donald Trump Jr.’s firm, 1789 Capital, had invested $50 million in companies led by Elon Musk, who also serves as a key advisor to Trump while managing his own businesses. Additionally, a report from Wired revealed that individuals could pay $1 million for dinner with the president at his Mar-a-Lago resort or $5 million for a private audience.
Navigating Business Ventures While in Office
Although the president is theoretically prohibited from engaging in personal business activities while in office, the Trump family has adeptly found ways to profit from their side ventures. As Trump continues to pursue his goal of becoming the “Crypto President” by easing regulations in the burgeoning crypto sector, it appears he aims to leave office with a lucrative stake in the industry.
