Trump family in talks for Binance stake amid push for CZ pardon: WSJ

The Trump family discussed the acquisition of participation in Binance.us, the American subsidiary of Binance, the largest exchange of cryptocurrency in the world.

These negotiations intervene while the founder of Binance, Changpeng Zhao, known as CZ, asked for a presidential forgiveness following his guilt plea in 2023 for violation of the laws of money laundering, according to At the Wall Street Journal.

The talks would have started after Binance Contacted Trump’s allies last year, seeking to restore a presence on the American market.

The potential agreement could directly involve the Trump family or be carried out through World Liberty FinancialA cryptocurrency company supported by Trump was launched in September. However, it is not clear if the participation would be subject to forgiveness for Zhao.

Steve Witkoff, a close associate of Trump and the best negotiator of the administration for the conflicts of the Middle East and Ukraine, played a role in these discussions, according to sources Wsj.

Binance’s legal and commercial challenges

Binance faced an intense regulatory examination in the United States, leading to $ 4.3 billion Regulation with the authorities In 2023 for alleged facilitation of illicit transactions.

As part of the agreement, Zhao resigned as CEO and served four months in prison But remains the majority shareholder of Binance.

In recent months, Binance has positioned itself for a return to the American market. The exchange has set up an internal working group under CEO Richard Teng To explore the legal paths, recognizing that Zhao’s criminal conviction could hinder his reinstatement.

Trump Pro-Crypto position added momentum to Binance’s efforts. Its administration has retraced regulatory restrictions on industry, signing decrees which benefit digital asset companies.

The potential binance agreement raises concerns concerning conflicts of interest, as it would mark an unprecedented overlap between the presidency and private commercial transactions. Unlike former presidents, Trump has maintained control of his assets through his family, allowing them to continue business companies while he remains in power.

Separately, the leaders of Binance would have studied the case of Justin SunA cryptographic entrepreneur confronted with dry costs, which invested $ 30 million in Trump’s World Liberty Financial last year.

After Sun’s investment, the SEC interrupted his fraud file against him, which led Binance to consider a similar strategy, sources said to Wsj.

The exchange recently secure An investment of $ 2 billion in the company supported by MGX water.