UAE-backed fund to use Trump familys cryptocurrency to buy $2B stake in Binance: report
A United Arab Emirates-backed government fund said it will use a cryptocurrency backed by the family of President Trump as part of a $2 billion purchase of a minority stake in the scandal-tarred digital currency exchange Binance — a move that could pose multiple conflicts of interest.The deal announced on Thursday between Abu Dhabi-backed MGX and Binance, the world’s largest crypto exchange, will be conducted using a digital currency created by World Liberty Financial, the Trump family’s cryptocurrency firm.Zach Witkoff, a founder of World Liberty Financial, revealed to those in attendance at a crypto conference in Dubai that the firm’s stablecoin, USD1, will be used in the deal.Witkoff was speaking onstage alongside Eric Trump at Token2049, one of the largest global cryptocurrency gatherings with an estimated audience of more than 10,000 industry participants.The deal provides a major financial boost to World Liberty Financial, a decentralized finance (DeFi) platform founded in 2024.Donald Trump serves as the company’s “chief crypto advocate,” while his sons, Eric Trump and Donald Trump Jr., hold the title of “Web3 ambassador.”Barron Trump is listed as the project’s “DeFi visionary.”The company was co-founded by Zach Witkoff, son of Steve Witkoff, a real estate developer and Trump associate who is currently serving as the president’s envoy to peace talks in the Middle East and Russia.DeFi is a type of financial system that operates on the internet using blockchain technology — without relying on traditional banks or financial institutions as middlemen.“President Trump’s assets are in a trust managed by his children.There are no conflicts of interest,” White House spokeswoman Anna Kelly told The Post.MGX, Binance and Zach Witkoff were not immediately available for comment.“We thank MGX and Binance for their trust in us,” Witkoff said during the panel.
“It’s only the beginning.”The involvement of MGX — which is chaired b...