Former President Trump and family are eyeing a stake in Binance's U.S. operation through their World Liberty Financial project. Trump ally Steve Witkoff is handling negotiations. The news sent Binance's BNB token up 5%, briefly exceeding $600. Perfect timing—Binance recently secured $2 billion from Abu Dhabi while struggling with regulatory issues and mass layoffs under Biden. Trump's political connections might just be the lifeline the troubled crypto exchange needs.
As former President Trump eyes a return to the White House, his family has been busy exploring new business ventures—this time in the volatile world of cryptocurrency. Representatives of the Trump family have reportedly been in discussions to acquire a stake in Binance's U.S. arm, a move that could signal a major shift in the crypto exchange's fortunes.
The talks are linked to World Liberty Financial, a Trump-family backed project. Steve Witkoff, a longtime friend of the former president, has been knee-deep in the negotiations. Funny how these things work—Binance reaches out to Trump allies last year, and suddenly there's talk of a stake acquisition. Timing is everything in politics and business.
The Trump touch turns regulatory headaches into business opportunities—a Washington-to-Wall Street alchemy that's becoming a family specialty.
The news of potential Trump involvement sent ripples through the crypto market. BNB, Binance's cryptocurrency, jumped 5% and briefly crossed the $600 threshold. Not bad for a company that was labeled a "cauldron of fraud" by former SEC Chair Gary Gensler.
Binance CEO Changpeng Zhao isn't exactly confirming the story, though. He blasted the Wall Street Journal's reporting as inaccurate. Didn't explicitly deny seeking a pardon from Trump, though. Interesting omission.
The exchange has been through the wringer lately. They lost U.S. dollar services under Biden's administration, laid off 70% of their staff, and have been scrambling to recover. Then suddenly, an Abu Dhabi investment firm drops $2 billion into their lap. Now this Trump family interest. Talk about a comeback story.
Witkoff's role in all this isn't surprising. He co-founded World Liberty Financial just before Trump's election victory—perfect timing or perfect planning? Take your pick.
If the deal goes through, it would mark a significant shift in Binance's approach to the U.S. market. After years of regulatory headaches, they might finally have found a way back in. Through the Trump family, of all people. The crypto world never fails to surprise.
The potential deal aligns with growing interest in decentralized finance as an alternative to traditional banking systems that offer direct peer-to-peer transactions without intermediaries.
