Representatives of President Donald Trump's family have held discussions about acquiring a financial stake in Binance.US, the American arm of the world's largest cryptocurrency exchange, according to a Wall Street Journal report.
The talks began last year after Binance reached out to Trump allies to secure a business deal with the family, sources familiar with the matter told the Journal. This outreach reportedly forms part of a broader strategy by the company to re-establish its presence in the United States market. The discussions come as the cryptocurrency industry faces an evolving regulatory landscape following Trump's November election victory.
"It is unclear what form the Trump family stake would take if the deal comes together or whether it would be contingent on a pardon," the WSJ report stated. One possibility under consideration is that any potential deal could be structured through World Liberty Financial, a decentralized finance project backed by the Trump family.
Steve Witkoff, a longtime Trump associate and the president's top negotiator in Middle Eastern affairs, has been involved in the discussions, according to the report. The claims remain unconfirmed by either the Trump family or Binance.
Changpeng "CZ" Zhao, Binance's co-founder and former CEO, is separately pursuing a presidential pardon, according to the Journal's sources. In November 2023, Zhao pleaded guilty to violating U.S. anti-money laundering laws, specifically the Bank Secrecy Act. Federal prosecutors asserted he failed to implement effective AML programs at Binance, which allegedly allowed "money to flow to terrorists, cybercriminals, and child abusers through its platform."
Zhao's plea agreement included a four-month prison sentence, a $50 million personal fine, and his resignation as CEO. Binance itself settled with authorities for $4.3 billion. While Zhao remains a major shareholder in the company, the terms of his plea deal barred him from any direct role in managing or operating the business.
A presidential pardon for Zhao could significantly impact Binance's operational capabilities in the United States and potentially strengthen its global business prospects. Meanwhile, the Trump family's potential stake in Binance.US might provide an opportunity for the exchange to compete more effectively with Coinbase as the U.S. cryptocurrency market experiences renewed growth.
Reports indicate Binance has been working toward a potential return to the U.S. market since Trump's election victory. Sources suggest the company is open to negotiating with Trump's business interests to resolve its outstanding legal issues in the country.
Zhao has publicly denied key aspects of the Wall Street Journal's reporting. In a March 13 post on X (formerly Twitter), he stated he had not participated in any discussions regarding business deals between the Trump family and Binance.US. He further rejected claims that he was actively seeking a presidential pardon from Trump.
"No felon would mind a pardon, especially being the only one in U.S. history who was ever sentenced to prison for a single BSA charge," Zhao wrote. "Feels like the article is motivated as an attack on the President and crypto, and the residual forces of the 'war on crypto' from the last administration are still at work."