Trump Family Crypto & Other Corruption

  • Thread starter Thread starter nycfan
  • Start date Start date
  • Replies: 143
  • Views: 3K
  • Politics 
www.forbes.com

Inside Trump’s Decades-Long Relationship With The United Arab Emirates

The president has already made hundreds of millions abroad, much of it stemming from a single Middle Eastern nation. His most lucrative foreign deal may be about to begin.
www.forbes.com www.forbes.com


“… the United Arab Emirates, home to the metropolises of Dubai and Abu Dhabi, has become a hub for the Trump Organization’s international expansion. With first sons Don Jr. and Eric serving as emissaries, the president and his family have entered into at least nine agreements with ties to the gulf nation—some involving government entities in the country, many stemming from business relationships developed there.

Together, the ventures, which include five licensing agreements and three cryptocurrency deals, will provide an estimated $500 million in 2025—and about $50 million annually for years into the future.

… Such messiness is part of life in the new Trump era. Real estate licensing, international diplomacy and meme-stock trading blend together in a mélange of dealmaking, with the first family emerging billions of dollars richer. None of it needs to involve explicit quid pro quos—business relationships lead to personal relationships that impact policy discussions. This is the way high-powered people have operated in the gulf region for decades. What’s new is that an American president has placed himself at the center of the web.

“It’s the kinds of transactionalism that these governments are very matter of fact in dealing with,” says the former diplomat in the region. “Not because they themselves are so profoundly corrupt, but rather, you need to be on the right side of Washington, come what may. This is what this Washington is requiring, so pony up.”…”
 
nycfan said:
www.forbes.com

Inside Trump’s Decades-Long Relationship With The United Arab Emirates

The president has already made hundreds of millions abroad, much of it stemming from a single Middle Eastern nation. His most lucrative foreign deal may be about to begin.
www.forbes.com www.forbes.com


“… the United Arab Emirates, home to the metropolises of Dubai and Abu Dhabi, has become a hub for the Trump Organization’s international expansion. With first sons Don Jr. and Eric serving as emissaries, the president and his family have entered into at least nine agreements with ties to the gulf nation—some involving government entities in the country, many stemming from business relationships developed there.

Together, the ventures, which include five licensing agreements and three cryptocurrency deals, will provide an estimated $500 million in 2025—and about $50 million annually for years into the future.

… Such messiness is part of life in the new Trump era. Real estate licensing, international diplomacy and meme-stock trading blend together in a mélange of dealmaking, with the first family emerging billions of dollars richer. None of it needs to involve explicit quid pro quos—business relationships lead to personal relationships that impact policy discussions. This is the way high-powered people have operated in the gulf region for decades. What’s new is that an American president has placed himself at the center of the web.

“It’s the kinds of transactionalism that these governments are very matter of fact in dealing with,” says the former diplomat in the region. “Not because they themselves are so profoundly corrupt, but rather, you need to be on the right side of Washington, come what may. This is what this Washington is requiring, so pony up.”…”
Click to expand...
“… There is also a safer, and potentially more lucrative, opportunity waiting for the first family: figuring out how to bring its real-estate assets to the meme-stock traders, Washington influence peddlers and, yes, foreign leaders that so badly want to do business with America’s president. If that group of investors are willing to ascribe billions of dollars to Trump-branded assets that throw off no profits, imagine the kind of valuations they might put on buildings that actually generate income.

This is not just a theoretical concept. Eric Trump said in a CoinDesk interview released on YouTube last week that he is actively working to tokenize one building, offering small bits as a digital asset.

… “If I want to go finance Trump Tower, why do I have to go out to Deutsche Bank?” asked the president’s son, name checking the institution on the receiving end of many of the Trumps’ distortions over the years. “Why can’t I go out to the millions of people who love Trump? And why can’t I tokenize the building? Why can’t I tokenize the financing of that building? Why couldn’t I tokenize our golf courses if I wanted to?”

…
The Aqua1 Foundation, the mysterious entity that bought $100 million of World Liberty tokens earlier this year, recently launched an Abu Dhabi entity focused on tokenization.

Eric Trump can hardly hold back his excitement. “Who wants to join along?” he said in the CoinDesk interview. “Who wants to share in that? Who wants to buy one one-millionth of that building and put in $1,000? And be part of our success together, right? And then all of the sudden, you can have perks. When they come stay in the tower, when they come stay at the hotel, they can get free dinners. But there are people who want to have an ownership stake over that.”

Especially in the United Arab Emirates.“
 
nycfan said:
“… There is also a safer, and potentially more lucrative, opportunity waiting for the first family: figuring out how to bring its real-estate assets to the meme-stock traders, Washington influence peddlers and, yes, foreign leaders that so badly want to do business with America’s president. If that group of investors are willing to ascribe billions of dollars to Trump-branded assets that throw off no profits, imagine the kind of valuations they might put on buildings that actually generate income.

This is not just a theoretical concept. Eric Trump said in a CoinDesk interview released on YouTube last week that he is actively working to tokenize one building, offering small bits as a digital asset.

… “If I want to go finance Trump Tower, why do I have to go out to Deutsche Bank?” asked the president’s son, name checking the institution on the receiving end of many of the Trumps’ distortions over the years. “Why can’t I go out to the millions of people who love Trump? And why can’t I tokenize the building? Why can’t I tokenize the financing of that building? Why couldn’t I tokenize our golf courses if I wanted to?”

…
The Aqua1 Foundation, the mysterious entity that bought $100 million of World Liberty tokens earlier this year, recently launched an Abu Dhabi entity focused on tokenization.

Eric Trump can hardly hold back his excitement. “Who wants to join along?” he said in the CoinDesk interview. “Who wants to share in that? Who wants to buy one one-millionth of that building and put in $1,000? And be part of our success together, right? And then all of the sudden, you can have perks. When they come stay in the tower, when they come stay at the hotel, they can get free dinners. But there are people who want to have an ownership stake over that.”

Especially in the United Arab Emirates.“
Click to expand...
 
nycfan said:

Binance Boosted Trump Family’s Crypto Company Ahead of Pardon for Its Billionaire Founder​

Giant crypto exchange facilitated $2 billion purchase of World Liberty’s stablecoin and built its technology; clemency for Changpeng Zhao surprised some in administration​


🎁 —> https://www.wsj.com/finance/currenc...9?st=7beG95&reflink=desktopwebshare_permalink
Click to expand...
“… [After Zhao was convicted in the US,] Binance’s top legal staff were certain the company was doomed.

Then Donald Trump’s surging presidential campaign presented an opportunity.

Around the time of the election, Zhao’s representatives began discussions with allies of Trump, saying they wanted to find a solution to Binance’s legal troubles in the U.S. and offering a deal with a Trump family business, according to people familiar with the discussions.

Once Trump won, Binance formed a high-level task force to strike a deal with the Trumps’ nascent cryptocurrency venture, World Liberty Financial, that Binance could leverage into clemency for Zhao, other people familiar with the matter said….”
 
nycfan said:
“… [After Zhao was convicted in the US,] Binance’s top legal staff were certain the company was doomed.

Then Donald Trump’s surging presidential campaign presented an opportunity.

Around the time of the election, Zhao’s representatives began discussions with allies of Trump, saying they wanted to find a solution to Binance’s legal troubles in the U.S. and offering a deal with a Trump family business, according to people familiar with the discussions.

Once Trump won, Binance formed a high-level task force to strike a deal with the Trumps’ nascent cryptocurrency venture, World Liberty Financial, that Binance could leverage into clemency for Zhao, other people familiar with the matter said….”
Click to expand...
“…
This spring, Binance took steps that catapulted the Trump family venture’s new stablecoin product, enhancing its credibility and pushing its market capitalization up from $127 million to over $2.1 billion.

Trump granted Zhao a presidential pardon last week, likely paving the way for the world’s largest crypto-trading platform to return to the U.S., from where it was banned after the company pleaded guilty in 2023 to violating anti-money-laundering rules. At the time, the government said Zhao had caused “significant harm to U.S. national security” by allowing sanctioned Iranian crypto exchanges, Russian drug-traffickers, Hamas militants and other criminal groups to move billions of dollars through the exchange.

The pardon marks the most distinct instance yet of Trump using the powers of his office to benefit someone at the center of deals that have enriched his family.…”
 
nycfan said:
“…
This spring, Binance took steps that catapulted the Trump family venture’s new stablecoin product, enhancing its credibility and pushing its market capitalization up from $127 million to over $2.1 billion.

Trump granted Zhao a presidential pardon last week, likely paving the way for the world’s largest crypto-trading platform to return to the U.S., from where it was banned after the company pleaded guilty in 2023 to violating anti-money-laundering rules. At the time, the government said Zhao had caused “significant harm to U.S. national security” by allowing sanctioned Iranian crypto exchanges, Russian drug-traffickers, Hamas militants and other criminal groups to move billions of dollars through the exchange.

The pardon marks the most distinct instance yet of Trump using the powers of his office to benefit someone at the center of deals that have enriched his family.…”
Click to expand...
“… Ahead of the launch in March of World Liberty’s dollar-pegged cryptocurrency, USD1, Binance deployed a team of over a dozen engineers to build the technology behind the currency, people familiar with the project said.

Binance then struck a deal for an Emirati state investor to buy a minority stake in Zhao’s crypto exchange. Binance asked that the $2 billion purchase price be paid using USD1, people familiar with the transaction said.

The use of USD1 boosted World Liberty, hugely expanding its market cap and giving it new clout. That in turn helped with sales of its other cryptocurrency, WLFI, which has a value that fluctuates on the market. World Liberty’s business partners have cited its stablecoin’s success as a reason to invest in WLFI.

World Liberty raked in about $1.4 billion in revenue over the past year from WLFI sales, far more than the president’s real-estate portfolio ever earned annually. World Liberty’s website says the company is about 40% owned by a Trump family entity that is entitled to three-quarters of the company’s revenue from those sales. …”
 
nycfan said:
“… Ahead of the launch in March of World Liberty’s dollar-pegged cryptocurrency, USD1, Binance deployed a team of over a dozen engineers to build the technology behind the currency, people familiar with the project said.

Binance then struck a deal for an Emirati state investor to buy a minority stake in Zhao’s crypto exchange. Binance asked that the $2 billion purchase price be paid using USD1, people familiar with the transaction said.

The use of USD1 boosted World Liberty, hugely expanding its market cap and giving it new clout. That in turn helped with sales of its other cryptocurrency, WLFI, which has a value that fluctuates on the market. World Liberty’s business partners have cited its stablecoin’s success as a reason to invest in WLFI.

World Liberty raked in about $1.4 billion in revenue over the past year from WLFI sales, far more than the president’s real-estate portfolio ever earned annually. World Liberty’s website says the company is about 40% owned by a Trump family entity that is entitled to three-quarters of the company’s revenue from those sales. …”
Click to expand...
“… Trump launched World Liberty in September 2024, saying it would help make “America the crypto capital of the world.”

… The project raised $20 million from WLFI sales over its first month. “Nobody really believed in us in the beginning,” Zach Witkoff said recently at a conference, saying that last year some crypto players had called the company “a joke.”

The internal task force under Zhao’s replacement as CEO, Richard Teng, studied how to move money into the Trump family company, inspired by crypto tycoon Justin Sun’s $30 million purchase of WLFI tokens from World Liberty announced soon after the election in November, according to people familiar with the working group. The Securities and Exchange Commission later paused a fraud case against Sun.

Binance didn’t make a purchase. Instead it committed a team including its Hong Kong-based stablecoin chief to build the blockchain technology for USD1, people familiar with the project said.

… In October 2024, World Liberty hired one of Zhao’s close friends, Rich Teo, who had run a Binance stablecoin product that was shut down two years ago following an order from a New York regulator.

… In parallel, representatives of Trump’s family—including Witkoff—held deal talks with Binance representatives, including about taking a financial stake in Binance.US, the exchange’s moribund U.S. arm that operates separately …

… Meanwhile, Zhao had been in talks with Abu Dhabi’s royal family about an investment in Binance for several years, with his legal troubles holding a deal up. He curried favor in Abu Dhabi by backing a local tech incubator and building personal ties to the royals via a circle of well-connected friends on the city’s luxurious Saadiyat island.

… But before the deal was sealed, Binance had a request. It asked MGX to pay the $2 billion purchase price in the soon-to-be-released World Liberty stablecoin, people familiar with the deal said. The Emiratis agreed.

A World Liberty executive told a business associate around that time that Abu Dhabi’s royal family had a keen interest in enabling Trump’s crypto ambitions.

… To complete the transaction, MGX bought USD1 from World Liberty, handing the Trump family venture a $2 billion cash pile.

World Liberty holds those funds in reserve to maintain the coins’ 1-for-1 tie to the dollar, unless the USD1 tokens are swapped back into real-world cash. The company invests the reserves in Treasurys and pockets the interest. If held for a year, the $2 billion sum would generate about $80 million in profit for World Liberty.

… In June, World Liberty announced a partnership with a crypto-trading platform called PancakeSwap to “drive USD1 adoption.” The platform, which is administered by Binance, offers rewards and prizes to traders using coins in the Binance blockchain ecosystem. The partnership sent USD1’s trading volumes soaring, the Journal previously reported.

Gitcho said Binance hasn’t been boosting USD1 through PancakeSwap and that World Liberty has many partnerships.…”
 
nycfan said:
“… Trump launched World Liberty in September 2024, saying it would help make “America the crypto capital of the world.”

… The project raised $20 million from WLFI sales over its first month. “Nobody really believed in us in the beginning,” Zach Witkoff said recently at a conference, saying that last year some crypto players had called the company “a joke.”

The internal task force under Zhao’s replacement as CEO, Richard Teng, studied how to move money into the Trump family company, inspired by crypto tycoon Justin Sun’s $30 million purchase of WLFI tokens from World Liberty announced soon after the election in November, according to people familiar with the working group. The Securities and Exchange Commission later paused a fraud case against Sun.

Binance didn’t make a purchase. Instead it committed a team including its Hong Kong-based stablecoin chief to build the blockchain technology for USD1, people familiar with the project said.

… In October 2024, World Liberty hired one of Zhao’s close friends, Rich Teo, who had run a Binance stablecoin product that was shut down two years ago following an order from a New York regulator.

… In parallel, representatives of Trump’s family—including Witkoff—held deal talks with Binance representatives, including about taking a financial stake in Binance.US, the exchange’s moribund U.S. arm that operates separately …

… Meanwhile, Zhao had been in talks with Abu Dhabi’s royal family about an investment in Binance for several years, with his legal troubles holding a deal up. He curried favor in Abu Dhabi by backing a local tech incubator and building personal ties to the royals via a circle of well-connected friends on the city’s luxurious Saadiyat island.

… But before the deal was sealed, Binance had a request. It asked MGX to pay the $2 billion purchase price in the soon-to-be-released World Liberty stablecoin, people familiar with the deal said. The Emiratis agreed.

A World Liberty executive told a business associate around that time that Abu Dhabi’s royal family had a keen interest in enabling Trump’s crypto ambitions.

… To complete the transaction, MGX bought USD1 from World Liberty, handing the Trump family venture a $2 billion cash pile.

World Liberty holds those funds in reserve to maintain the coins’ 1-for-1 tie to the dollar, unless the USD1 tokens are swapped back into real-world cash. The company invests the reserves in Treasurys and pockets the interest. If held for a year, the $2 billion sum would generate about $80 million in profit for World Liberty.

… In June, World Liberty announced a partnership with a crypto-trading platform called PancakeSwap to “drive USD1 adoption.” The platform, which is administered by Binance, offers rewards and prizes to traders using coins in the Binance blockchain ecosystem. The partnership sent USD1’s trading volumes soaring, the Journal previously reported.

Gitcho said Binance hasn’t been boosting USD1 through PancakeSwap and that World Liberty has many partnerships.…”
Click to expand...
Meanwhile, Zhao’s net worth has begun skyrocketing again, as well.

“… In a sign of Zhao’s improving fortunes in the U.S., he struck deals to boost the value of Binance’s BNB cryptocurrency with U.S. investor money.

The so-called crypto-treasury strategy, whereby publicly listed companies issue shares and debt to fund the purchase of certain cryptocurrency, has been a hot trend on Wall Street. In the case of Binance, the previous administration would likely have scrutinized those deals in light of the Treasury Department and other orders against Binance, former administration officials said.

The value of all BNB tokens in circulation has gained 75% since July to $154 billion. Zhao owns at least half of them, according to former Binance executives and filings.…”
 
You must log in or register to reply here.
Back
Top