Donald Trump already dropped SEC (Securities and Exchange Commission) charges against a Chinese cryptocurrency scammer who invested in Trump’s own crypto venture. Now the Wall Street Journal reports that the Trump family has been in talks with the shady crypto exchange Binance, whose CEO is seeking a pardon.
Here is the original report, but if you can’t get behind the paywall, try this summary from Mother Jones:
The Trump family has allegedly been discussing a possible investment in the crypto exchange Binance—a deal that, especially in light of Binance’s multi-billion-dollar valuation, would raise a host of conflict-of-interest questions. The discussions were first revealed by the Wall Street Journal on Thursday, which also reported that Binance’s founder, Changpeng Zhao, is simultaneously seeking a presidential pardon after pleading guilty in 2023 to violating anti-money-laundering laws. …
Among other accusations, the U.S. government charged that the company had helped users evade sanctions against Russia, Iran, and Cuba. A Reuters report found that Korean hacking groups, investment frauds, and drug networks all had used the exchange to move money. …
According to the Journal’s report Thursday, the possibility of bringing on the Trump family as investors was first raised by Binance, and Steve Witkoff, a Trump family friend who was recently named as the US special envoy to the Middle East, has been involved in the discussions. Witkoff has known Trump for decades, and last year his son, Zach Witkoff, founded the Trump-backed World Liberty Financial crypto company. The Journal reported that an administration official denied involvement by Steve Witkoff in any Binance talks.
The Journal reported that one source indicated that Binance may be seeking to follow the path blazed by crypto investor Justin Sun, who was facing a civil fraud investigation by the SEC under the Biden administration. Last fall, Sun invested $75 million into the World Liberty Financial platform—triggering an $18 million payday for Trump. Last month, the SEC announced it was halting its investigation into Sun.
It’s past time for an investigation of how cryptocurrency has instead enriched a whole class of con artists—and provided the perfect medium for thinly disguised bribes to high officials. But Trump is considering doing the opposite—selling pardons to a crypto huckster.
