The Binance logo is seen displayed on a smartphone screen.
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Binance’s BNB token bucked the wider crypto downturn on Thursday, jumping 4% following a Wall Street Journal report that the Trump family has held talks to secure a financial interest in the U.S. arm of the world’s largest cryptocurrency exchange.
Such a deal would notably link the Trumps to a firm that pleaded guilty to breaking anti-money laundering laws in 2023.
According to the Journal, Binance first approached Trump allies last year, pitching a deal that could help the embattled exchange regain its footing in the U.S. At the same time, its founder, Changpeng Zhao — better known as CZ — has been angling for a presidential pardon after serving four months in prison for violating anti-money laundering laws.
However, in a post on X, Zhao denied any discussions about a deal for Binance.US 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 said the article was part of a broader effort to attack both crypto and the current administration, claiming that “the residual forces of the ‘war on crypto’ from the last administration are still at work.”
A spokesperson for Binance.US said the company declined to comment.
The structure of any potential Trump stake remains uncertain, but the Journal’s sources said one possibility being considered is routing it through World Liberty Financial, a crypto venture backed by the First Family. World Liberty funnels 75% of profits to Trump-related entities. It’s also unclear whether the arrangement is directly tied to a potential pardon for CZ.
The news comes as Binance fights to rebuild credibility after its $4.3 billion regulatory settlement. If a deal goes through, it could mark a dramatic comeback for Binance.US — just as Trump moves to roll back regulations that have weighed on the crypto industry.
Steve Witkoff, a real estate investor and longtime Trump associate now working as his top negotiator in the Middle East, has reportedly been involved in the talks, according to the Journal, citing unnamed sources familiar with the matter.
The White House did not immediately respond to a request for comment from CNBC.
Read the full Wall Street Journal story here: Trump Family Has Held Deal Talks With Binance Following Crypto Exchange’s Guilty Plea
