A representative of the Trump family has initiated discussions to purchase a stake in the U.S. division of Binance, following a report by the Wall Street Journal on Thursday.
The stake may potentially be acquired through the Trump-family-backed project, World Liberty Financial, according to inside sources.
Key Points:
- A Trump family representative discussed purchasing a stake in Binance’s U.S. operations.
- The deal could involve World Liberty Financial, a project supported by the Trump family.
- Steve Witkoff, a close acquaintance of the U.S. president, participated in these discussions.
“The talks began after Binance approached allies of Trump last year, looking to finalize a deal to revive the cryptocurrency exchange’s presence in the U.S.,” the report stated.
The native cryptocurrency of Binance, BNB, surged by approximately 5% upon this news, exceeding the $600 mark for the first time in a week.
Binance’s Response:
A spokesperson for Binance.US opted not to comment on the report. Nonetheless, Binance CEO Changpeng “CZ” Zhao stated on the platform X that the Wall Street Journal misrepresented the situation.
Zhao mentioned, “I have had no discussions of a Binance US deal with … well, anyone.” He did clarify that the Journal did not imply that he was directly involved in these discussions.
In related events, Binance recently restored its U.S. dollar fiat services after facing restrictions under the current administration, which had major implications for the firm.
The exchange has endured significant challenges, with the former SEC Chair Gary Gensler previously labeling Binance.US “a cauldron of fraud” without evidence, leading to substantial customer losses and a significant downsizing of its workforce.
