UAE-backed fund to use Trump family’s cryptocurrency to buy $2B stake in Binance: report

A United Arab Emirates-backed government fund said it will use a cryptocurrency backed by the family of President Trump as part of a $2 billion purchase of a minority stake in the scandal-tarred digital currency exchange Binance — a move that could pose multiple conflicts of interest.

The deal announced on Thursday between Abu Dhabi-backed MGX and Binance, the world’s largest crypto exchange, will be conducted using a digital currency created by World Liberty Financial, the Trump family’s cryptocurrency firm.

Zach Witkoff, a founder of World Liberty Financial, revealed to those in attendance at a crypto conference in Dubai that the firm’s stablecoin, USD1, will be used in the deal.