Binance, the world’s largest cryptocurrency exchange, reportedly engaged in discussions with the Trump family about a potential investment in its U.S. arm, according to the Wall Street Journal. But the exchange was quick to deny the allegations.

The talks, as reported by the WSJ, highlighted Binance’s strategic efforts to re-enter the American market as President Donald Trump continues to strengthen his ties to the crypto industry.

Engaging Trump’s Inner Circle?

According to the report, Binance executives reached out to Trump’s allies last year, offering a business deal that could have included an investment stake for the former president’s family. The discussions were reportedly part of Binance's broader effort to re-establish its presence in the United States after regulatory setbacks forced it to distance itself from the country.

A potential stake could have been acquired through World Liberty Financial, a crypto venture linked to the Trump family. The report said that real estate developer and Trump associate Steve Witkoff were allegedly involved in the negotiations.

The report boosted the price of Binance native cryptocurrency BNB, which was up 3% on CoinMarketCap's daily chart, trading at $579 at the time of this publication.

However, it remains unclear whether the deal was contingent on a presidential pardon for Binance founder Changpeng “CZ” Zhao, who stepped down as CEO in November 2023 after pleading guilty to violating U.S. anti-money laundering laws.

In addition to the alleged Binance talks, Trump’s family has launched cryptocurrency-related ventures, including meme coins, and holds a stake in World Liberty Financial.

Zhao took to X (formerly Twitter) to dismiss the claims, stating, “I have had no discussions of a Binance US deal with … well, anyone.” The WSJ did not suggest that Zhao was personally involved in the negotiations, only that Binance executives pursued the talks.

Binance Pushes Back on WSJ Report

While the truth of the matter is yet to be determined, the WSJ report sheds light on potential Binance’s engagement with Trump’s circle. Critical questions remain. Was the Trump family seriously considering a stake in Binance.US, or was the outreach merely exploratory?

Regarding claims that he sought a pardon from Trump, Zhao responded ambiguously, neither confirming nor denying the request outright. He wrote, “No felon would mind a pardon, especially being the only one in U.S. history who was ever sentenced to prison for a single [Bank Secrecy Act] charge.”

He also implied that the WSJ article was politically motivated, criticizing lingering regulatory hostility toward crypto. Despite its challenges, Binance continues to attract major institutional investors.

This week, Abu Dhabi-based investment firm MGX announced a $2 billion investment in the exchange, signaling confidence in Binance’s long-term viability.

Source: Finance Magnates