Binance, the world’s largest crypto exchange, pleaded guilty in 2023 to violating US anti-money-laundering laws and paid $4.3 billion in fines|Web Summit|CC BY 2.0
President Donald Trump’s family is negotiating a financial stake in Binance while the company’s founder, Changpeng Zhao (CZ), pushes for a pardon, reports The Wall Street Journal.
The Trump family could acquire the stake directly or through World Liberty Financial, a Trump-backed crypto venture launched in 2023.
Steve Witkoff, Trump’s envoy for the Middle East, has been involved in discussions, though officials deny his role.
Binance, the world’s largest crypto exchange, pleaded guilty in 2023 to violating US anti-money-laundering laws and paid $4.3 billion in fines. Zhao, who stepped down as CEO and served four months in prison, remains the company’s largest shareholder.
Potential impact of a pardon
A pardon for Zhao would clear legal barriers, allowing Binance to re-enter the US and expand globally. Trump, who has increasingly supported cryptocurrency, recently signed executive orders benefiting the industry.
Binance approached Trump allies last year, offering a business deal to regain access to the US market. It recently secured a $2 billion investment from UAE-backed MGX, its first institutional investor.
If the deal proceeds, it could raise ethical concerns, as a sitting president’s business benefits from a convicted executive seeking a pardon.