Abu Dhabi-backed fund MGX will invest $2 billion in Binance using a Trump family firm's digital coin

MGX, a fund backed by Abu Dhabi, will make a $2 billion investment in the cryptocurrency exchange Binance Holdings Ltd using a digital coin developed by a Trump family firm.

A fund backed by Abu Dhabi is making a $2 billion investment in cryptocurrency exchange Binance Holdings Ltd using a digital coin developed by a Trump family firm.

The USD1 stablecoin, developed by President Donald Trump’s son Eric, will be the official stablecoin backing MGX’s investment in crypto exchange Binance, announced Eric Trump (pictured) at Token2049 in the Arab nation.

Stablecoins are cryptocurrencies that aim to maintain a one-to-one value with a less volatile asset like the U.S. dollar. Typically, they do this by relying on reserves of cash and cash-equivalent assets like U.S. Treasury bills and money market fund holdings.

The deal, which is expected to generate hundreds of millions of dollars for the Trump family, comes as part of a broader effort by the Biden administration to crack down on unlawful activity in the cryptocurrency industry.

Earlier this year, U.S. government agencies reached a settlement with Binance for violating federal money laundering laws. The exchange, which is overseen by the Securities and Exchange Commission, admitted to flouting the Bank Secrecy Act by failing to register as a money services business.

Moreover, MGX’s use of the World Liberty stablecoin creates a formal link between the Trump firm and Binance.

Earlier this year, Trump announced a $100 billion venture to fund artificial intelligence infrastructure, which is being bankrolled by MGX and will be announced a day after his impeachment.

“We thank MGX and Binance for their trust in us,” said Zach Witkoff, a founder of World Liberty and the son of White House envoy to the Middle East Steve Witkoff, at the conference. “It’s only the beginning.”

Democratic Sen. Elizabeth Warren of Massachusetts sharply criticized the latest investment.

“A shady fund backed by a foreign government just announced it will make a $2 billion deal using Donald Trump’s stablecoins,” said Sen. Warren in a statement. “Meanwhile, the Senate is gearing up to pass the “GENIUS” Act — stablecoin legislation currently before the Senate that will make it easier for the President and his family to line their own pockets. This is corruption and no senator should support it.”

Earlier this year, Eric Trump said that his father “wants to make America the crypto capital of the world. He’s been very, very clear with that.”input: A fund backed by Abu Dhabi is making a $2 billion investment in cryptocurrency exchange Binance Holdings Ltd using a digital coin developed by a Trump family firm.

The USD1 stablecoin, developed by President Donald Trump’s son Eric, will be the official stablecoin backing MGX’s investment in crypto exchange Binance, announced Eric Trump (pictured) at Token2049 in the Arab nation.

Stablecoins are cryptocurrencies that aim to maintain a one-to-one value with a less volatile asset like the U.S. dollar. Typically, they do this by relying on reserves of cash and cash-equivalent assets like U.S. Treasury bills and money market fund holdings.

The deal with the foreign government is expected to generate hundreds of millions of dollars for the Trump family.

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This comes as part of a broader effort by the Biden administration to crack down on unlawful activity in the cryptocurrency industry.

Earlier this year, U.S. government agencies reached a settlement with Binance for violating federal money laundering laws. The exchange, which is overseen by the Securities and Exchange Commission, admitted to flouting the Bank Secrecy Act by failing to register as a money services business.

Moreover, MGX’s use of the World Liberty stablecoin creates a formal link between the Trump firm and Binance.

MGX also helped bankroll Trump’s $100 billion venture to fund artificial intelligence infrastructure, announced a day after his inauguration.

Zach Witkoff, a founder of World Liberty and the son of White House envoy to the Middle East Steve Witkoff, said at the conference that “we thank MGX and Binance for their trust in us,” adding, “It’s only the beginning.”

Democratic Sen. Elizabeth Warren of Massachusetts sharply criticized the latest investment.

“A shady fund backed by a foreign government just announced it will make a $2 billion deal using Donald Trump’s stablecoins,” said Sen. Warren in a statement. “Meanwhile, the Senate is gearing up to pass the “GENIUS” Act — stablecoin legislation currently before the Senate that will make it easier for the President and his family to line their own pockets. This is corruption and no senator should support it.”

Earlier this year, Eric Trump said that his father “wants to make America the crypto capital of the world. He’s been very, very clear with that.”output: President Donald Trump’s son Eric announced on Thursday that the USD1 stablecoin, developed by his family’s World Liberty Financial, will be the official stablecoin backing MGX’s investment in crypto exchange Binance. The deal with