Several members of the Trump family are in talks to acquire a stake in Binance‘s troubled U.S. operations, according to sources familiar with the negotiations. The discussions, initiated in 2024 after Binance approached Trump allies, could potentially resurrect the struggling exchange’s American business through World Liberty Financial, a Trump-backed crypto venture launched last September.
The Trump family eyes a piece of Binance US, potentially breathing life into the exchange through their crypto venture.
Steve Witkoff, a close Trump associate, has been front and center in these talks. No surprise there. The guy’s been Trump’s go-to dealmaker for years. Binance isn’t exactly approaching from a position of strength here. They’re desperate to re-enter the U.S. market after that crushing $4.3 billion settlement with authorities in 2023.
The timing is interesting, to say the least. Binance founder Changpeng Zhao—CZ to crypto bros—pleaded guilty to anti-money laundering violations and is reportedly seeking a presidential pardon from the Trump administration. Talk about convenient! A business partnership with strings attached.
Meanwhile, the Trump family has been diving headfirst into crypto. They’ve launched Trump and Melania memecoins, and Eric Trump can’t stop tweeting about Bitcoin. The family that mines together, dines together, apparently.
The markets loved the news. BNB token jumped 5% when word got out. Crypto enthusiasts see a Trump administration as potentially more friendly to digital assets. No kidding.
But let’s not ignore the elephant in the room. A convicted executive seeking a pardon from a business partner? That’s new territory, even for Washington. Watchdog groups are already sharpening their pencils.
For Binance, the deal could help restore fiat deposits and withdrawals at Binance.US, which has been bleeding market share to competitors like Coinbase. The exchange has seen its U.S. market share plummet from 27% to just 1% following regulatory crackdowns. Binance has generated 16.8 billion in revenue in 2023 despite its regulatory troubles, showing the potential value of a U.S. market re-entry. For the Trumps, it’s another venture in their expanding crypto portfolio.
What form the Trump family stake might take remains unclear. But one thing’s certain—this deal blurs the line between business and government in ways we’ve never seen before. Ethics experts are having a field day.
