"This is corruption": Trump company profits from investment in Binance
The US President's family is likely to benefit financially from an investment worth billions in the crypto exchange Binance. There is already harsh criticism.
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The cryptocurrency USD1, launched by one of Donald Trump's companies, will be used for a two billion US dollar investment from Abu Dhabi in the crypto exchange Binance. The New York Times reports this, citing the recent presentation of the plans in Dubai and adding that "virtually every detail of the announcement" contained a conflict of interest. After all, the deal means that a Trump company is doing business with another state's company, establishing a formal connection to a crypto company that has violated US sanctions and promoting similar projects by other governments. Criticism of the plan was therefore not long in coming.
Billions for Trump companies
USD1 will be issued by World Liberty Financial, a company that has only been in existence since last fall. Several sons of Donald Trump, who was later re-elected US President, hold high positions in the company, and the deal with MGX in Dubai has now been presented by Eric Trump. In addition to USD1, the company distributes another cryptocurrency, $WLFI, with which World Liberty Financial has already raised over 550 million US dollars, according to the New York Times. The company is now receiving a further two billion from Abu Dhabi for its investment in Binance. This alone is likely to generate tens of millions of US dollars a year for the Trump family's company, the US newspaper writes.
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"This is corruption and no one in the US Senate should support it," said US Senator Elizabeth Warren (Democrat), criticizing the deal. She points out that her chamber of parliament is planning a law that would make it even easier for the Trump family to rake money into their pockets with so-called stablecoins such as USD1. It has also been pointed out several times that Binance, a crypto exchange whose founder admitted to violating US money laundering laws a year and a half ago, is benefiting from the billion-dollar deal. As recently as January, an investigation was launched in France against the crypto exchange for serious money laundering.
(mho)
