Editor’s note: This story was updated to reflect CZ’s latest statement on the subject.
Representatives of former President Donald Trump’s family are in talks with Binance, the world’s largest cryptocurrency exchange, to secure a stake in its U.S. subsidiary, Binance US, the Wall Street Journal reported Thursday. The negotiations coincide with efforts by Binance’s billionaire founder, Changpeng “CZ” Zhao, to secure a full pardon from the Trump administration after serving a four-month prison sentence tied to the exchange’s $4.3 billion settlement with U.S. authorities in 2023.
Binance pleaded guilty to anti-money laundering and sanctions violations, admitting it facilitated transactions for sanctioned groups. Zhao, who remains Binance’s majority shareholder, resigned as CEO as part of the settlement. WSJ sources claim that the deal talks reportedly involve Trump’s cryptocurrency venture, World Liberty Financial, which launched in 2024 and has raised over $300 million. A potential stake could aid Binance US in reviving its diminished U.S. market share, which plummeted from 27% to 1% post-settlement.
Steve Witkoff, a Trump confidant and special envoy, has allegedly participated in negotiations, though an administration official denied his involvement, stating he is divesting from business interests. Binance’s push for a pardon aligns with its strategy to reenter the U.S. market and merge its global and U.S. operations, which is reportedly somewhat restricted by Zhao’s felony conviction. The company recently secured a $2 billion investment from UAE state-backed MGX. Meanwhile, the SEC paused a civil case against Binance.US in February 2025, citing potential regulatory shifts under Trump’s pro-crypto policies.
WSJ reporters Rebecca Ballhaus, Patricia Kowsmann, Angus Berwick, Josh Dawsey and Caitlin Ostroff disclosed that Binance US and World Liberty Financial declined to comment. The outcome could reshape the U.S. crypto landscape, merging political influence with industry ambitions amid ongoing legal and ethical scrutiny.
Shortly after this story was published, CZ took to X and said, “Sorry to disappoint. The WSJ article got the facts wrong. More than 20 people have told me they were asked by the WSJ (and another media), ‘Can you confirm that CZ made some deal for a pardon?’ They probably asked hundreds of people to have 20 people reach out to me. In essence, they tried hard to make a story to report. Fact: I have had no discussions of a Binance US deal with … well, anyone.”
The former Binance boss added:
No felon would mind a pardon, especially being the only one in US history who was ever sentenced to prison for a single BSA charge. Feels like the article is motivated as an attack on the President and crypto, and the residual forces of the ‘war on crypto’ from the last administration are still at work. I am always happy to make crypto great everywhere, US and the rest of the world. It’s good to see that even WSJ thinks I should be pardoned.
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