Donald Trump’s family members are in discussions to take a financial stake into Binance, a cryptocurrency firm that pleaded guilty in 2023 to money laundering.
Meanwhile, the company’s founder and largest shareholder, Changpeng Zhao, who served four months in prison on related charges, is also seeking a pardon from President Trump, The Wall Street Journal reports. Binance reached out to Trump allies in 2024, hoping to strike a business deal with the family to restore the company’s presence in the U.S.
The details of the financial stake, or whether it’s contingent on a pardon are not yet known. The Trumps could make a direct investment or go through World Liberty Financial, a cryptocurrency venture launched in September in which the Trump family has a stake. Steve Witkoff, who works in the Trump administration as an envoy to the Middle East and for the war in Ukraine, is also reportedly involved with the talks, although the Trump administration denies it.
The move would raise questions of a conflict of interest, especially if a pardon comes with it. Trump’s businesses have been involved in dealings that seem to conflict with his duties as president, especially the Trump Organization’s deal with Saudi Arabia for a new Trump Tower.
Trump’s decision to create a cryptocurrency “strategic reserve” seems to be aimed at making his wealthy associates richer, and the launch of “meme coins” by himself and his wife Melania are a blatant grift designed to line the couple’s pockets. If a deal with Binance goes through, the president and his family will once again prove that all they care about is money.
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