According to the Wall Street Journal, representatives of the Trump family are discussing acquiring a financial stake in Binance’s US arm.
The talks began last year when Binance approached Donald Trump’s allies with a proposal for a business deal as part of the company’s strategy to reestablish its presence in the U.S. market.
It’s alleged that Steve Witkoff, a close friend of President Trump who serves as his chief negotiator for Middle East and Ukraine matters, was part of the discussions. However, an administration official has denied Witkoff’s involvement, stating that he is currently divesting from his business interests.
The potential investment could take different forms, with the Trump family either acquiring the stake directly or proceeding through World Liberty Financial.
Binance’s Rocky US Regulatory Relationship
To address anti-money laundering offenses, Binance agreed to pay fines totaling $4.3 billion in 2023. Its founder, Changpeng Zhao, aka CZ, also spent four months in prison following a guilty plea to related offenses.
Its market share dropped significantly from 27% to just over 1% from the regulatory disputes. Since then, however, the corporation has concentrated on reconstructing its U.S. operations. For instance, it reinstated its USD services in February 2025 following a suspension in 2023 under government investigation.
Moreover, positive legislative changes about Binance have also occurred. For example, last month, the Securities and Exchange Commission requested a court pause in its civil case against Binance and Binance.US while developing a regulatory framework for crypto assets.
Zhao Seeks Pardon from Trump Administration, Denies Deal
Besides the complexities of the negotiations, Binance’s founder, Changpeng Zhao, is reportedly lobbying the Trump administration for a presidential pardon. Considering his majority stake in Binance, the pardon could be crucial for the company’s return to the US.
However, the pardon has raised concerns about conflict of interest. A convicted individual seeking a pardon from the administration would represent an unprecedented overlap between Trump’s business and governmental roles.
In a recent X post, Zhao denied the WSJ report, claiming they “got the facts wrong.” He expressly denied that any discussions regarding a Binance US deal took place with anyone.
He alleges that the article targets the President and crypto, driven by “residual forces of the ‘war on crypto’ from the last administration”. However, he appreciated the implied support for his pardon from WSJ.
This article has been updated to include new information about CZ’s response.
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