Representatives of President Donald Trump’s family have engaged in talks regarding a potential financial stake in the U.S. arm of Binance, the world’s largest cryptocurrency exchange, according to a Wall Street Journal report released Thursday. The report also suggested that Binance’s founder, Changpeng Zhao, has been advocating for a pardon from the Trump administration.
In November 2023, Zhao resigned as CEO of Binance and pled guilty to violating U.S. anti-money laundering laws, following a $4.3 billion settlement that resolved a prolonged investigation into the company’s operations. The move marked a significant step for the exchange as it looked to resolve its legal challenges.
According to the Journal, Binance representatives reached out to Trump allies in late 2023 to discuss a potential business arrangement aimed at bringing the crypto giant back to the U.S. However, details about the nature of the potential deal or whether it would be tied to the granting of a pardon remain unclear.
The Trump family has shown a growing interest in the cryptocurrency sector, with cryptocurrency meme coins launched by its members and former President Trump himself holding a stake in World Liberty Financial, a crypto platform. Trump’s recent executive order, which establishes a strategic reserve of cryptocurrencies from government-owned tokens, has sparked controversy due to potential conflict-of-interest concerns, especially as the crypto industry has heavily supported Trump and other Republican candidates financially.
Both Binance and representatives for Trump did not immediately respond to requests for comment.
