Trump Family in Talks to Acquire Stake in Binance’s U.S. Arm

A representative from the Trump family has engaged in discussions to purchase a stake in Binance’s U.S. subsidiary, according to a report by the Wall Street Journal on Thursday.

The acquisition may involve the Trump-family backed cryptocurrency project, World Liberty Financial, as noted by sources familiar with the situation.

Steve Witkoff, a friend of the former U.S. president, was mentioned as a participant in the negotiation talks. Witkoff and his family established World Liberty Financial just two months prior to Trump’s election in November.

Discussions began last year after Binance reached out to Trump’s associates, aiming to negotiate a deal that would reestablish the crypto exchange’s presence in the U.S.

Following the news, BNB, the native cryptocurrency of the Binance-linked BNB Chain, surged by up to 5%, exceeding $600 for the first time in a week.

A representative from Binance.US declined to comment on the report.

Recently, the exchange had its U.S. dollar fiat services restored after it lost the capability to process USD deposits and withdrawals under the Biden Administration.

Former SEC Chair Gary Gensler had previously labeled Binance.US a “cauldron of fraud” and made efforts to shut down the exchange, leading to significant customer losses and layoffs of 70% of its workforce after suffering billions in losses.

Additionally, Binance secured a considerable institutional investment on Wednesday, with Abu Dhabi-based MGX investing $2 billion in the exchange.