The Trump family is reportedly in discussions to buy a stake in cryptocurrency exchange Binance.US, potentially increasing their involvement in the crypto industry, according to the Wall Street Journal.
Trumps and Binance: A New Partnership?
According to the Wall Street Journal, the Trump family is in talks to acquire a stake in Binance.US, which could significantly strengthen their position in the crypto market. Binance has previously been fined $4.3 billion in 2023 for violating anti-money laundering laws.
Deal History and Political Ties
The discussions reportedly began when Binance sought connections with Trump's allies to reenter the US market. The Trump family may purchase the stake either directly or through their crypto venture, World Liberty Financial, which was established in September.
Regulatory and Legal Challenges
Binance founder Changpeng Zhao is seeking a pardon from Trump following his imprisonment related to regulatory offenses. Meanwhile, Steve Witkoff, Trump's former Middle East negotiator, may be involved in these talks, though this has been denied by administration officials.
Should the deal proceed, it could further intertwine the Trump family's business and political roles, creating new opportunities for their involvement in crypto activities amidst favorable executive orders.
