Members of Donald Trump’s home have reportedly discussed acquiring a financial interest in Binance’s US shoulder, The Wall Street Journal reported on Thursday.
Changpeng Zhao, the crypto bank’s leader, is seeking a political pardon, The Wall Street Journal revealed in a statement on Thursday.
Zhao, commonly known as CZ, served four months in prison after pleading guilty to breaching anti-money-laundering rules. Despite stepping down as Binance CEO following a$ 4.3 billion negotiation with US regulators in 2023, he also stands as the company’s largest investor.
According to the review, talks began last month when Binance approached Trump supporters with a firm proposal for the home. The move was seen as part of the bank’s approach to regain access to the American business after regulation losses.
The Trump mother’s possible investment could occur directly or through World Liberty Financial, a crypto walk linked to the president’s family, launched in September.
Steve Witkoff, a long-time Trump relate and important mediator in the Middle East and Ukraine, has apparently been involved in the discussions, though the US management standard denied this.
But in a blog on X, Zhao denied the statement, saying there were no conversations” of a Binance US package with… well, people”.
He further added that the content was” an assault on the President and crypto”.
For Binance, a reprimand for Zhao may help clear regulatory obstacles and soft its return to the US industry, where its discuss has plummeted from 27 per cent to just over 1 per cent according 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.
