Representatives of former US President Donald Trump’s family have engaged in discussions to acquire a financial stake in the US division of cryptocurrency exchange Binance, The Wall Street Journal reported on March 13.

Binance’s billionaire founder, Changpeng Zhao has been seeking a pardon from the Trump administration, citing sources familiar with the matter.

In November 2023, Zhao stepped down as CEO of Binance and pleaded guilty to violating US anti-money laundering laws as part of a US$4.3 billion settlement, resolving a years-long probe into the world’s largest cryptocurrency exchange.

The Wall Street Journal report also revealed that Binance reached out to Trump allies last year, proposing a business deal with the family as part of a strategy to re-establish the company in the US.

However, it remains unclear what form the Trump family’s potential stake would take if the deal materialises or whether it would be contingent on a pardon.

Earlier this month, Trump signed an executive order to establish a strategic reserve of cryptocurrencies using tokens already owned by the government.

His recent moves to support the crypto industry – which spent millions backing him and other Republicans in the November election – have sparked concerns over potential conflicts of interest.

Trump’s family has also launched cryptocurrency meme coins, while the former president holds a stake in the crypto platform World Liberty Financial.

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