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The Trump family is eyeing an investment in the US division of cryptocurrency exchange, Binance, according to The Wall Street Journal. The news comes as the company's founder Changpeng Zhao is seeking a presidential pardon. Zhao has been pushing for clemency from the Trump administration after spending four months in prison for breaching anti-money-laundering rules. Although he resigned as CEO after a $4.3 billion settlement with US authorities last year, he is still Binance's largest shareholder. Binance's talks with Trump's allies last year, however, set the stage for their potential investment talks. The company had pitched a business deal with the Trump family as part of its plan to re-enter the US market. The investment could either be made directly by the Trump family or via World Liberty Financial, a cryptocurrency venture launched last September and backed by them. A pardon for Zhao could help Binance navigate regulatory hurdles and return to the US market. The company's market share in the country has plummeted from 27% to just over 1%. For the Trump family, buying a stake in Binance's US operations would give them a chance to be part of the potential revival of a leading crypto trading platform as their administration eases regulatory restrictions on the industry. The Trump family's potential investment in Binance's US operations, could raise unprecedented conflict-of-interest questions. This is because Trump continues to mix his presidential powers and business interests. Unlike previous presidents who placed their assets in blind trusts, Trump has kept his holdings under family control while they continue pursuing business deals. In response to the latest developments, Zhao denied any discussions about a Binance US deal or seeking a pardon. Sorry to disappoint. The WSJ article got the facts wrong, he wrote. I have had no discussions of a Binance US deal with... well, anyone. Zhao suggested the article was part of a broader attempt to undermine both crypto and the current administration, arguing that the residual forces of the 'war on crypto' from the last administration are still at work.
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