WSJ "Trump family considering acquisition of Binance stake"

It has been reported that the family of U.S. President Donald Trump is considering acquiring a stake in Binance, the world's largest cryptocurrency exchange.

The Wall Street Journal (WSJ) reported on the 13th, citing multiple sources, that "the Trump family has been in discussions to acquire a stake in Binance's U.S. branch." The WSJ said, "It is still uncertain whether the Trump family will directly hold Binance shares or indirectly invest through World Liberty Financial (WLFI), a cryptocurrency company backed by the Trump family."

According to the WSJ, Binance began restructuring its U.S. business strategy immediately after Trump's election. Binance founder Zhao Changpeng was detained on money laundering charges in 2023 and served four months in prison. The WSJ stated, "(Zhao Changpeng) is reportedly lobbying for a pardon from the Trump administration after his release," adding that "Zhao Changpeng still remains the largest shareholder of Binance."

The WSJ viewed Zhao Changpeng as the driving force behind Binance's pursuit of negotiations with the Trump family. The WSJ reported, "Founder Zhao Changpeng's criminal record is the biggest obstacle to returning to the U.S.," and that "within Binance, there are opinions that they need to resolve the lawsuit with the Securities and Exchange Commission (SEC) and receive a pardon from the Trump administration." The WSJ added, "There have been discussions within Binance that investing in WLFI could help secure a pardon for Zhao Changpeng."

Steve Witkoff, a U.S. Middle East envoy classified as a close associate of President Trump, is reported to have been involved in the stake acquisition negotiations between the Trump family and Binance. The WSJ said, "Acquiring a stake in Binance's U.S. branch could be an opportunity to expand the Trump family's cryptocurrency business," adding that "(the stake acquisition) is likely to cause unprecedented conflicts of interest."

Meanwhile, following the WSJ report, the price of BNB (Binance Coin), Binance's native token, is showing a sharp rise. According to CoinMarketCap, as of 10:43 PM today, BNB is trading at $588.75, up 5.47% from the previous day.