Representatives for the family of U.S. President Donald Trump are holding discussions with Binance about investing in its U.S. arm, according to a Wall Street Journal report on Thursday. 

The WSJ said that the exchange giant's founder Changpeng "CZ" Zhao, who is the firm's largest shareholder, was also seeking a pardon, citing people familiar with the matter. Zhao, who was then the company's CEO, pleaded guilty on money laundering charges in November 2023 and served four months in prison. 

Zhao denied the WSJ report in an X post. 

"The WSJ article got the facts wrong," he wrote Thursday. "Fact: I have had no discussions of a Binance US deal with…well, anyone." 

As part of his agreement, Zhao has a lifetime ban from "managing or operating" the exchange. Binance pleaded guilty for violating U.S. anti-money laundering laws, paid a $4.3 billion fine–one of the largest corporate penalties in U.S. history–and agreed to "a complete exit" from the country. 

Steve Witkoff, a friend of the president and negotiator in the war in Ukraine, is involved in the negotiations, The Journal reported, citing unnamed sources familiar with the matter. 

The White House had no comment and referred Decrypt to Zhao’s statement. BNB, the exchange’s native token, rose more than 6% at one point in the hours after the report and was more recently up 3%, according to data provider CoinGecko. 

Binance US declined to comment when Decrypt reached out to the firm. And Zhao added: "Feels like the article is motivated as an attack on the President and crypto, and the residual forces of the 'war on crypto' from the last administration are still at work."

The Trump Administration has been working to help the digital asset industry after regulators were tough on top crypto companies under the Biden government. 

Trump, who campaigned as a supporter of the industry, last week signed an executive order to launch a Bitcoin strategic reserve and separate crypto stockpile. 

The U.S. Department of Justice had been investigating Binance and Zhao for years before hitting both with the criminal charges. 

Edited by James Rubin

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