by Binance’s BNB token saw a 4% increase on Thursday, bucking the broader cryptocurrency downturn, following a report by The Wall Street Journal that the Trump family had been in discussions about acquiring a financial stake in Binance’s U.S. operations.
Such a deal would notably tie the Trump family to a company that admitted to violating anti-money laundering laws in 2023. The report suggests that Binance initially reached out to Trump allies last year, proposing a deal that could help the exchange strengthen its position in the U.S. Meanwhile, Binance’s founder, Changpeng Zhao (CZ), is reportedly seeking a presidential pardon after serving four months in prison for anti-money laundering violations.
However, Zhao publicly denied the report on social media, stating that there had been no discussions regarding a Binance.US deal or a potential pardon. He criticized the article, suggesting it was part of a broader effort to undermine both the cryptocurrency industry and the current administration. He also accused lingering elements from the previous administration of continuing a “war on crypto.”
A spokesperson for Binance.US declined to comment on the matter. The structure of any potential deal involving the Trump family remains unclear, but sources suggest it could involve World Liberty Financial, a crypto venture connected to the Trump family. This venture is known to direct 75% of its profits to Trump-affiliated entities. It remains uncertain if this potential arrangement is related to a pardon for Zhao.
The news comes as Binance works to restore its reputation following a $4.3 billion regulatory settlement. If this deal materializes, it could signal a significant recovery for Binance.US, especially as Trump has indicated plans to ease regulations affecting the cryptocurrency sector.
Steve Witkoff, a real estate investor and long-time Trump associate, is said to be involved in the negotiations, according to sources cited by The Wall Street Journal.
