According to WSJ, representatives of former President Donald Trump’s family have engaged in negotiations to acquire a financial stake in Binance US, the American branch of the world’s largest cryptocurrency exchange. If the deal goes through, the Trump family would establish a direct business connection with Binance, a company that has faced significant legal challenges.
Previously, in 2023, Binance admitted to violating U.S. anti-money laundering regulations and agreed to pay billions of dollars in fines to settle allegations from the U.S. Department of Justice. Around the same time, Binance’s founder, billionaire Changpeng Zhao (CZ), pleaded guilty to related violations and was sentenced to four months in prison.
Currently, CZ remains the largest shareholder of Binance and is actively lobbying for a potential pardon from the Trump administration. If successful, this could be a pivotal moment in restoring Binance’s reputation and operational capacity within the U.S. market, where it has been under heavy regulatory scrutiny.
An investment agreement between the Trump family and Binance US, if finalized, could spark controversy, especially with the upcoming U.S. presidential election. It raises political and legal questions about the implications of a former president being directly involved in a crypto company with a history of financial regulation breaches.
This development follows shortly after Binance received a $2 billion investment from Dubai-based tech giant MGX.
See more: Binance recently received a $2 billion investment from MGX Group.