A hallmark of President Donald Trump’s second term has been his fervent embrace of cryptocurrency, transforming a once-niche sector into a cornerstone of American economic ambition. From signing an executive order in January 2025 to establish a Presidential Working Group on Digital Asset Markets, to unveiling the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile in March, Trump has delivered on campaign pledges to position the United States as the “crypto capital of the world.”
On the face if it, these initiatives appear to be nothing more than regulatory reforms relating to a new financial asset. However, the pardon issued last week by President Donald Trump of Changpeng Zhao, the billionaire founder of Binance known as CZ, provides a glimpse at the extraordinary intertwining of international diplomacy, personal networks and eye-watering profit-making that is becoming a hallmark of Trump’s second administration.
The pardon related to Binance’s and CZ’s historic $4 billion plea deal in 2023 for anti-money laundering violations. Zhao had served just four months in prison after pleading guilty to charges that Binance allowed its platform to be used by terrorists, cyber criminals and child abusers.
On the day Trump pardoned CZ last week, White House reporters asked if the president could explain his decision and whether it had anything to do with his family’s crypto business. Trump responded, “I do pardon a lot of people. I don’t know, he was recommended by a lot of people”.
Yet the vague and understated manner in which Trump dismissed media questions into the pardon obscures the sensational personal deal-making that had occurred in the preceding weeks.
As Trump was starting his second term, he announced the launch of World Liberty Financial (WLF), the Trump family’s crypto platform co-founded by Donald Trump Jr., Eric Trump, Barron Trump, and Zach Witkoff (the son of Trump’s special envoy Steve Witkoff). Disclaimers shield the Trumps from operational roles, but their branding dominates, with President Trump listed as “co-founder emeritus.”
Launched in early 2025, WLF positions itself as a beacon of American financial sovereignty and includes a stablecoin as part of its offering.
In March, Abu Dhabi’s sovereign fund controlled by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security advisor announced a US$2 billion investment in Binance. The deal finally occurred in May when MGX made its investment into Binance via the Trump-owned WFL stablecoin, representing approximately US$60 million to US$80 million in risk-free revenue for WFL annually.
As the transaction was being completed, the US and UAE were announcing trade deals involving AI chip sales and stakes in Tiktok.
But beyond that transaction, WLF is already creating wealth that now overshadows Trump’s storied real estate legacy. In early September the Wall Street Journal announced that tokens launched by WFL had created US$5 billion in paper gains for the family, with Trump holding 15.75 billion tokens valued at US$3.4 billion.
Crypto now constitutes the bulk of Trump’s US$7.3 billion net worth, according to Forbes, surpassing his US$1.2 billion real estate holdings and eclipsing the $2.5 billion empire built over decades.
For the sons, the windfall is transformative: Donald Jr. and Eric, each worth US$500 million and US$750 million respectively, have vaulted into billionaire territory through WLF stakes and ventures like American Bitcoin, while 19-year-old Barron’s US$150 million share cements his early entry into nine-figure wealth.
Crypto illustrates Trump World’s essence: relationships as leverage. Witkoff’s envoy negotiations advance UAE pacts that elevate the Trump/Witkoff crypto platform; CZ’s pardon unleashes Binance’s potential for WFL and MGX billions cascade through Trump tokens, yielding a fortune for the family.
Lawyer and writer Philip Crump explores political, legal and cultural issues facing New Zealand. Sometimes known as Thomas Cranmer. This article was published HERE
The pardon related to Binance’s and CZ’s historic $4 billion plea deal in 2023 for anti-money laundering violations. Zhao had served just four months in prison after pleading guilty to charges that Binance allowed its platform to be used by terrorists, cyber criminals and child abusers.
On the day Trump pardoned CZ last week, White House reporters asked if the president could explain his decision and whether it had anything to do with his family’s crypto business. Trump responded, “I do pardon a lot of people. I don’t know, he was recommended by a lot of people”.
Yet the vague and understated manner in which Trump dismissed media questions into the pardon obscures the sensational personal deal-making that had occurred in the preceding weeks.
As Trump was starting his second term, he announced the launch of World Liberty Financial (WLF), the Trump family’s crypto platform co-founded by Donald Trump Jr., Eric Trump, Barron Trump, and Zach Witkoff (the son of Trump’s special envoy Steve Witkoff). Disclaimers shield the Trumps from operational roles, but their branding dominates, with President Trump listed as “co-founder emeritus.”
Launched in early 2025, WLF positions itself as a beacon of American financial sovereignty and includes a stablecoin as part of its offering.
In March, Abu Dhabi’s sovereign fund controlled by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security advisor announced a US$2 billion investment in Binance. The deal finally occurred in May when MGX made its investment into Binance via the Trump-owned WFL stablecoin, representing approximately US$60 million to US$80 million in risk-free revenue for WFL annually.
As the transaction was being completed, the US and UAE were announcing trade deals involving AI chip sales and stakes in Tiktok.
But beyond that transaction, WLF is already creating wealth that now overshadows Trump’s storied real estate legacy. In early September the Wall Street Journal announced that tokens launched by WFL had created US$5 billion in paper gains for the family, with Trump holding 15.75 billion tokens valued at US$3.4 billion.
Crypto now constitutes the bulk of Trump’s US$7.3 billion net worth, according to Forbes, surpassing his US$1.2 billion real estate holdings and eclipsing the $2.5 billion empire built over decades.
For the sons, the windfall is transformative: Donald Jr. and Eric, each worth US$500 million and US$750 million respectively, have vaulted into billionaire territory through WLF stakes and ventures like American Bitcoin, while 19-year-old Barron’s US$150 million share cements his early entry into nine-figure wealth.
Crypto illustrates Trump World’s essence: relationships as leverage. Witkoff’s envoy negotiations advance UAE pacts that elevate the Trump/Witkoff crypto platform; CZ’s pardon unleashes Binance’s potential for WFL and MGX billions cascade through Trump tokens, yielding a fortune for the family.
Lawyer and writer Philip Crump explores political, legal and cultural issues facing New Zealand. Sometimes known as Thomas Cranmer. This article was published HERE
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