Representatives from President Trump’s family have been in talks about investing in the U.S. branch of Binance, a cryptocurrency exchange. This company pleaded guilty to money laundering in 2023.
At the same time, Binance’s founder, Changpeng Zhao, also known as CZ, is pushing for a pardon from President Trump. Zhao, who is the largest shareholder of Binance, spent four months in prison after admitting to charges related to the money laundering case.
As reported by The Wall Street Journal, Binance has been trying to rebuild its presence in the U.S. by reaching out to Trump’s allies, hoping to secure a business deal with the Trump family.
It’s unclear exactly how much of a stake the Trump family is looking to take in Binance, or if this deal is linked to the possible pardon for Zhao. They might make an investment directly or use World Liberty Financial, a cryptocurrency venture the Trump family is involved in. Steve Witkoff, who works with the Trump administration on Middle East and Ukraine issues, is also reportedly part of the talks, though the Trump administration denies his involvement.
If this deal goes through, it could raise concerns about conflicts of interest, especially if a pardon is involved. There have been other instances where Trump’s businesses seemed to mix with his presidential duties, such as his company’s deal with Saudi Arabia to build a new Trump Tower.
Trump’s past moves, like creating a cryptocurrency “strategic reserve” and launching “meme coins” with his wife Melania, have raised questions about whether these actions were just to make money for themselves. If the deal with Binance happens, it will likely reinforce the idea that the Trump family is focused on financial gain.
