New Report Exposes Trump Cryptocurrency Corruption
Citing Report, Public Citizen Urges Transparency
President Donald Trump and his sons have approximately $1 billion tied to crypto venture World Liberty Financial, which was founded by the Trumps, alongside Steve Witkoff, now Trump's special envoy for peace. A new report by Public Citizen details how the venture hinges on Binance, the world's largest crypto exchange, which pleaded guilty in 2023 to sanctions and money laundering violations tied largely to Iran—the country Trump has taken the United States to war with. The Trump administration has simultaneously dismantled the enforcement tools that would hold crypto outfits like Binance accountable—pardoning its founder, dismissing an SEC lawsuit against the company, and issuing a directive to stop prosecuting crypto platforms.
The report, “Conflict Coin: How the Trumps’ Billion-Dollar Crypto Stake Depends on a Company That Helped Iran Evade Sanctions”, reveals how Trump has leveraged investments in cryptocurrency to enrich himself and officials in his administration, specifically through working with Binance, the world’s largest crypto exchange, to conduct deals. Binance has hosted accounts used by at least eight entities and individuals that the Treasury Department has sanctioned for supporting terrorism or terrorist-designated groups linked to Iran, some of whom were sanctioned or prosecuted by Trump's own administration, according to court filings. In 2023, Binance reached settlements with the Department of Justice and the Treasury Department, pleading guilty to anti-money laundering, unlicensed money transmitting and sanctions violations, with the U.S. government saying the exchange failed “to implement programs to prevent and report suspicious transactions with terrorists.”
The report states, “The Trump family's entanglement with Binance exposes a dangerous contradiction at the heart of U.S. foreign policy: The same exchange that built the infrastructure for and holds the vast majority of Trump's USD1 stablecoin has facilitated billions of dollars in transactions for Iran and designated terrorist organizations. The opacity that defines crypto isn't a bug. It's the feature that makes it useful to both speculators and sanctioned regimes, and the president of the United States is profiting from it.”
“Binance is the world's largest crypto exchange. It pleaded guilty in 2023 to sanctions and money laundering violations, and paid $4.3 billion in penalties to the United States, one of the largest corporate penalties ever. Its CEO and founder, CZ, pleaded guilty to failing to maintain effective anti-money laundering programs, and served four months in prison,” said Zach Everson, Research Director for Public Citizen’s Trump Accountability Project. “Now, this happened in 2023, about a year before World Liberty Financial launched. But the Trumps made the decision to go into business with these guys anyway, which is just flagrantly corrupt. Recent media reports suggest that Binance has continued to support Iranian interests. And yet rather than pull back, the Trumps’ company has been strengthening its relationship.”
