At a Dubai conference, Trump’s cryptocurrency firm announced a $2 billion deal with a state-backed Emirati firm, raising ethical concerns. The deal involves the use of a stablecoin created by World Liberty Financial and creates a connection between the Trump family business and Binance, under US regulatory scrutiny. This bold move illustrates the deep entanglements between Trump’s personal finances and international business, suggesting potential conflicts of interest.
A notable development emerged this Thursday at a conference in Dubai, where the spotlight was on a significant investment linked to President Trump’s cryptocurrency venture. Zach Witkoff, a co-founder of World Liberty Financial, the Trump family’s crypto firm, announced that a state-backed Emirati firm plans to engage in a $2 billion deal using their so-called stablecoin. The room was packed, and Witkoff’s declaration created quite the buzz.
This deal, which involves the Emirati investment firm MGX, would mark a substantial cash influx from a foreign government into Trump’s private enterprise — raising eyebrows due to the potential for ethical concerns. It’s expected that this financial transaction could yield hundreds of millions for the Trump family, shining a spotlight on the intricate web between business and governance.
Witkoff further clarified that the transaction would see MGX using their stablecoin, named USD1, to facilitate the exchange with Binance, the world’s leading cryptocurrency exchange. This partnership, however, isn’t without its complications. MGX’s collaboration with World Liberty positions a Trump family business at the heart of an enterprise connected to a foreign government, a scenario that many would consider a potential conflict of interest.
Adding to the complications, Binance has been under the scrutiny of U.S. regulators since 2023, following admissions of violations of federal money-laundering statutes. The visibility of this deal, publicised through the high-profile conference, effectively puts a spotlight on the intersection of Trump’s political world and the controversial cryptocurrency arena.
The announcement at the Dubai Conference serves not just as a business proposition but also a promotional signal to global crypto investors. It suggests that there are opportunities to partner with a firm that has ties directly to Trump, acknowledged as the chief crypto advocate for World Liberty. Such entanglements raise critical questions about governance, ethics, and the operational integrity of Trump’s business dealings within the cryptocurrency space.
