New Republic - The
Trump family’s cryptocurrency business just got a $2 billion investment
from a firm backed by the United Arab Emirates government. The deal is
rife with conflicts of interest.
Zach Witkoff—son of Middle East envoy Steve Witkoff and founder of the Trump family’s crypto firm, World Liberty Financial—announced the deal at a conference in Dubai on Thursday. He was accompanied by Eric Trump, who runs his family’s business.
The Emirati firm, MGX, will be using World Liberty Financial’s so-called stablecoin, USD1, to make a deal with Binance, the world’s largest crypto exchange.
“We thank MGX and Binance for their trust in us,” Witkoff said. “It’s only the beginning.”
This is a massive donation from a foreign government to the Trump family that will ultimately go toward a crypto exchange that has been monitored by the U.S. government for two years for money laundering. Binance’s billionaire founder, Changpeng Zhao, has not so coincidentally been pushing for a Trump pardon after he pleaded guilty in 2023 to violating anti-money-laundering laws.
With this deal, the Trump family will be enriched beyond most people’s comprehension, and they have the UAE government to thank for it. One can predict that Trump is likely to treat the country very favorably from here on out, again demonstrating that his power does have a price.
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