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Binance BNB Token overcame a wide range of cryptography slump on Thursday, jumping 4% following a report by the Wall Street Journal.
Such a transaction would specifically link Trump to companies that pleaded guilty to violating the Money Laundering Act in 2023.
According to the Journal, Binance first approached Trump’s allies last year, pitching a deal that could help the exchanges that fought at the same time regain their foothold in the US, and its founder, Changpeng Zhao, is well known as CZ – seeking a presidential pardon after serving in prison for four months for violating anti-moneylander laws.
However, in X’s post, Zhao denied discussions about Binance.us or the deal seeking pardon.
“I’m sorry for being disappointed. The WSJ article was incorrect,” he wrote. “There was no discussion about what we were going to trade… well, anyone.”
Zhao said the article is part of a broader effort to attack both the cryptography and the current regime, and that “the rest of the power of the ‘cryptography war’ from the last regime is still at work.”
A Binance.us spokesman said the company declined to comment.
The structure of potential Trump stocks remains uncertain, but sources in the journal said that one possibility being considered is to route it through World Liberty Financial, a crypto venture backed by the first family. World Liberty leaks 75% of its profits to Trump-related entities. It is also unclear whether the placement is directly linked to a potential pardon for CZ.
The news comes as Binance fights to rebuild credibility after a $4.3 billion regulatory settlement. If a transaction is made, it could mark a dramatic comeback for Binance.us, as Trump moves to roll back regulations he weighs in the crypto industry.
According to the Journal, Steve Witkoff, a longtime real estate investor and Trump associate, is currently working as his top negotiator in the Middle East, and is reportedly citing an unknown source who is familiar with the issue.
The White House did not immediately respond to requests for comment from CNBC.
Read the full Journal Story of Wall Street here: The Trump family held deal consultations with Vinanence following a plea for guilty to the crypto exchange
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