Representatives of President Trump's family are in negotiations to acquire a financial stake in the American division of the cryptocurrency exchange Binance, according to a report by the Wall Street Journal, citing sources close to the matter. This move would place the Trump family in business with a company that admitted to violating anti-money laundering regulations in 2023.

The billionaire founder of Binance, Changpeng Zhao, who served a four-month sentence after pleading guilty to related charges, has sought a pardon from the Trump administration. Zhao, also known as CZ, remains the largest shareholder of Binance.

Discussions began after Binance approached Trump allies last year with a business proposal, according to the report. This was part of Binance's strategy to bring the banned company back to the U.S. The nature of the potential Trump family's involvement in the business remains uncertain, and it is unclear whether it would depend on the granting of a pardon. The Trumps could acquire the stake directly, or the transaction could be done through World Liberty Financial, a cryptocurrency venture backed by the Trump family launched in September.

Steve Witkoff, a close friend of Trump and his main negotiator for the Middle East and the war in Ukraine, would be involved in the negotiations. However, an administration official denied Witkoff's involvement and stated that he is currently divesting 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 governmental roles. An investment in Binance.US would significantly expand the family's cryptocurrency ventures while Trump signs a series of executive orders favorable to the sector.

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