At a Dubai conference, Trump’s conflicts are the focus of the stage

A founder of the Trump Family Cryptocurrency’s cryptocurrency business made a short but monumental announcement on Thursday. A fund supported by Abu Dhabi would conclude a business agreement of 2 billion US dollars with the digital coins of the Trump company.

This transaction would be a major contribution to a foreign government to President Trump’s private company – one that generates hundreds of million dollars for the Trump family. And it is a public and lively illustration of the ethical conflicts that spoiled for Mr. Trump’s crypto company and blurred the border between business and government.

Zach Witkoff, a founder of the Crypto company of the Trump family, World Liberty Financial, unveiled that a stable coin developed by the company was used to complete the transaction between the state-supported Emirati investment company MGX and Binance, the largest crypto exchange in the world.

Practically every detail of Mr. Witkoff’s announcement, which was made with Mr. Trump’s second -end son during a conference panel, contained a conflict of interest.

The use of the world Liberty StableCoin from MGX, USD1, brings a Trump family company to business with a foreign government supported by a foreign government. The deal creates a formal connection between World Liberty and Binance, a company that has been under the supervision of the US government since 2023 when it admitted that he had violated the money laundering laws of federal money.

And the lively announcement served as an advertisement for crypto investors worldwide about the potential to form a partnership with a company connected to President Trump, who is listed as the chief crypto lawyer of World Liberty.

“We thank MGX and Binance for their trust in us,” said Mr. Witkoff, the son of the Messenger of the White House in the Middle East, Steve Witkoff. “It’s just the beginning.”

Mr. Witkoff and Eric Trump spoke in a panel on Token2049, a large crypto conference in the United Arab Emirates, on which more than 10,000 digital currency enthusiasts gathered for a week of networking. It was the latest stop in an international tour of Mr. Witkoff, who visited Pakistan with his business partners last month to meet the Prime Minister and other government officials. Eric Trump, who heads the family company, spent the week in Dubai, where he quit plans for a hotel and tower with a Trump brand.

The president himself will travel to Saudi Arabia, Qatar and the United Arab Emirates in two weeks.

His son’s panel with Mr. Witkoff was the most expected event of the Dubai conference. The auditorium in a luxury resort on the banks of the Persian golf was full of crypto investors from all over the world, many of which had to be in the corridors or had to rely on pillows that had supported the walls to observe the conversation.

“This is just an incredible country,” said Mr. Witkoff out of the stage. “One of the most innovative, if not the most innovative country on planet earth.”

Representatives of Binance, MGX and World Liberty did not respond to inquiries about comments.

Once a crypto skeptic, President Trump took digital currencies on the campaign path last year when the industry brought tens of million dollars into the 2024 elections. In September, he and his sons were revealed World Liberty, who set them up as a new type of internet bank that would enable people to borrow money and borrow money with cryptocurrencies.

Since then, World Liberty has sold a new cryptocurrency called $ Wlfi worth 550 million US dollars, whereby the income for a business unit is bound with the Trump family was used. In March, the company also created a stable coin – a kind of digital currency that is supposed to maintain a price of 1 USD, which means that it is used conveniently for large transactions, since its value does not swing like a share.

The company’s business caused conflicts of interest without the precedent in modern US history. Some of the investors who bought $ Wlfi coins are foreign citizens whose president was supported by campaign contributions or donations to the opening fund. And many company partners of the company have clear incentives for Curry’s favor at the federal government to expand on the American market.

Even the list of discussion participants on stage in Dubai emphasized how much the business interests of the Trump family are blurred with the US politics and regulation of the United States.

Justin Sun, a billionaire born in China, who heads the Crypto platform Tron, was one of World Liberty’s best investors, one of World Liberty’s best investors, and Eric Trump. After the election, Mr. Sun bought 75 million US dollars of Wlfi coins of 75 million US dollars.

About a year earlier, the Securities and Exchange Commission sued Mr. Sun and accused him of manipulated the price of a tron ​​cryptocurrency. When Mr. Trump took up his office, the SEC asked a federal judge to pause the case, while the agency negotiated an agreement that the judge did.

“I just have to thank you for the support for the support, Justin,” said Mr. Witkoff. “Tron is simply an incredible technology and we are lucky enough to work with them.”

Soon Mr. Witkoff delivered the great unveiling of the panel.

In March, Binance announced that MGX, an investment fund supported by the government of Abu Dhabi, would invest 2 billion US dollars with stable coins in the stock exchange. But which certain stablecoin it would use so as not to have been revealed.

The coin selected for the transaction was World Liberty’s USD1, said Witkoff.

“Wow,” answered Mr. Sun.

The MGX and Binance leaders have led high operational traffic with US officials.

MGX is headed by Sheikh Tahnoon Bin Zayed Al Nahyan, a royal Emirati who acts as a national security advisor for the nation. In March, Sheikh Tahnoon visited the United States with President Trump and some of his cabinet members and consultants.

In 2023, Binance owed the indictment that it had violated us against the American anti-money berry laws and was able to handle criminals on its platform. As part of an agreement with the Ministry of Justice and other federal authorities, the company was placed under a monitor of the Ministry of Finance to ensure that it corresponds to the law.

In the past few months, Binances founder Changpeng Zhao has been forgiving by the Trump government after he had guilty about money laundering injury and had spent four months in the federal prison.

The role of USD1 in Binance’s contract with MGX offers great financial support worldwide.

Stablecoin issuers such as World Liberty earn money by accepting investors, giving them stable coins in return and investing these deposits to generate a return that the issuer kept.

The exact details of the arrangement of World Liberty with MGX and Binance are unclear. But it seems that World Liberty now has 2 billion US dollars with a deal. These funds alone could generate tens of million dollars a year for the Trump family and their partners of World Liberty.

Ultimately, Mr. Witkoff said from the stage in Dubai, he expects the world to get Liberty StableCoin even bigger and to reach “many billions of market capitalization”.

One day, he continued, visitors to the United Arab Emirates could even use the USD1 coin in the four seasons in Abu Dhabi.

Eric Trump collapsed with a correction.

“You won’t go in the four seasons with USD1,” he said. “You will go to the Trump International Hotel and Tower.”