Trump’s crypto firm gets nod for $2bn Abu Dhabi deal

The latter is a family affair. WLF, which was launched in September 2024, lists the US president as chief crypto advocate, while his son Barron is the project’s decentralised finance visionary, and Donald Jr and Eric Trump are Web3 ambassadors. Zach Witkoff is a co-founder, but the company is majority-owned by a Trump corporate entity.

Now a stablecoin developed by WLF will be used to complete the transaction between MGX and Binance, a crypto exchange that has been operating under US government supervision since 2023, after admitting to violating federal money-laundering laws.

The perceived conflicts of interest are numerous. “Trump is tying up his crypto business with a known violator of international sanctions,” said Corey Frayer, a former US government crypto policy adviser. At the very least, the deal represents a large contribution from a foreign government to the president and his family’s private venture. It will enrich the president, his sons and his special envoy’s son.

During the same trip to the Middle East, Eric Trump also announced the expansion of the family property business, including a deal with Saudi company DarGlobal to brand a golf resort in Qatar and another to launch an 80-storey Trump Tower in Dubai. Frayer said there is a “thin veil” between Trump, “his family, his charitable organisation [and] his associates running these crypto companies”.