Talks with Binance

Trump family wanted to join crypto exchange

Trump has long been criticized for possible conflicts of interest relating to cryptocurrencies.(Bild: nanskyblack/KI-generiert – stock.adobe.com)

Despite the criminal proceedings against Binance, US President Donald Trump was interested in investing in the crypto exchange, according to a newspaper report. Representatives of the Trump family had been negotiating a stake in the US subsidiary of the crypto exchange.

The Wall Street Journal wrote this on Thursday. Binance CEO Changpeng Zhao, who pleaded guilty to money laundering and was sentenced to four months in prison, is also pushing for a presidential pardon. Neither Binance nor Trump representatives could initially be reached for comment on this issue.

Binance approached Trump confidants last year to facilitate the crypto exchange's return to the US as part of a deal, the WSJ continued. However, the details of the Trump family's involvement are just as unclear as the question of whether the pardon would be a prerequisite for an agreement. Zhao pleaded guilty in criminal proceedings against Binance at the end of 2023. These proceedings were settled at the time in exchange for a payment of a good four billion dollars (3.7 billion euros).

Relaxed regulation by "crypto president" Trump
Trump has long been criticized for possible conflicts of interest relating to cryptocurrencies. He received numerous donations from the industry for his election campaign and promised, among other things, to become the first "crypto president". He has since launched his own cyber coins, "$Trump", and is the beneficiary of a company that sells virtual shares. He also nominated the crypto-friendly Paul Atkins to head the SEC.

Experts saw the SEC's announcement a few weeks ago that it was suspending proceedings against Binance for operating an illegal exchange as a sign of relaxed regulation for the sector. Trump also ordered the establishment of a national cryptocurrency reserve.