Investing.com -- President Trump’s family representatives are reportedly in discussions to acquire a financial interest in the U.S. division of cryptocurrency exchange Binance, according to a report in the Wall Street Journal, citing sources close to the matter. This development would place the Trump family in business with a firm that admitted to violating anti-money-laundering regulations in 2023.

Binance’s billionaire founder, Changpeng Zhao, who served a four-month prison term after admitting guilt to a related charge, has been lobbying for a pardon from the Trump administration. Zhao, also known as CZ, continues to be the biggest shareholder of Binance.

These discussions started after Binance approached Trump’s allies last year with a proposal for a business deal, the report noted. This was part of Binance’s strategy to bring the banned company back to the U.S. The form of the potential Trump family stake in the deal remains uncertain, and it is not clear if it would depend on a pardon being granted. The Trumps could acquire the stake directly, or it could be transacted through World Liberty Financial, a cryptocurrency venture backed by the Trump family that was launched in September.

Steve Witkoff, a close friend of Trump and his chief negotiator for the Middle East and the war in Ukraine, is said to be involved in the negotiations. However, an administration official denied Witkoff’s involvement and stated that he is currently divesting from his business interests.

A business deal involving a convicted individual seeking a pardon from his administration would mark an unprecedented overlap of Trump’s business and government roles. An investment in Binance.US would significantly extend the family’s cryptocurrency ventures, as Trump signs a series of executive orders that favor the industry.

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