Members of President Donald Trump’s family have been holding talks to acquire a financial stake in cryptocurrency exchange Binance‘s US arm as the company’s founder pushes for a presidential pardon, the Wall Street Journal reported on Thursday.
The negotiations come after Binance and its founder Changpeng Zhao pleaded guilty in 2023 to violating anti-money laundering requirements, resulting in $4.3 billion in fines. Zhao, commonly known as CZ, served four months in prison for his role in the violations before being released in September. He remains Binance’s majority shareholder and lives in Abu Dhabi.
Sources say Binance approached Trump allies last year offering to strike a business deal with the family as part of efforts to return to the US market. A potential agreement could help the company navigate regulatory hurdles, particularly as Trump’s administration rolls back regulatory threats that previously limited the cryptocurrency industry’s growth.
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A pardon for Zhao would clear the way for the company to return to the US market, according to people familiar with the matter.
Binance’s US business sharply declined following regulatory actions, with its market share falling from 27% to approximately 1% year-over-year. The company established a working group under CEO Richard Teng to assess options for re-entering the American market, but executives concluded Zhao’s conviction complicated potential partnerships.
Both Binance and the Trump Organization declined to comment when contacted by Reuters. In a post on social media platform X, Zhao denied having discussions about a Binance.US deal, writing: “No felon would mind a pardon. I simply try to make crypto great everywhere, US and the rest of the world.”
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The potential stake could be structured through World Liberty Financial, a Trump-backed cryptocurrency venture launched in 2023, according to sources. Ares Witkoff, described as a longtime Trump friend and current Middle East negotiator, has reportedly been involved in discussions.
A Trump administration official denied Witkoff’s involvement, saying he is in the process of divesting from his business interests.
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