World Liberty Financial (WLFI), a crypto project backed by Donald Trump, responds to what it sees as politically motivated media coverage

WLFI, a crypto project backed by Donald Trump, has responded strongly to what it sees as politically motivated media coverage of the cryptocurrency sector.

Crypto project World Liberty Financial (WLFI), which has ties to Donald Trump, has responded to what it sees as politically motivated media coverage of the cryptocurrency sector.

In a statement, the project claimed that reports from major news outlets, including the Wall Street Journal and Bloomberg, are part of a broader agenda to harm the crypto industry, to which it is committed to building a decentralized financial system for millions of people.

“We are proud to partner with leading protocols and organizations advancing the blockchain space,” said WLFI in an X post.

The project urged people to disregard sensationalist headlines and focus on official updates from WLFI for accurate information. By providing a direct line of communication with the public, WLFI aims to build trust and clarify its position within the crypto community, amid what it describes as misleading press narratives.

Trump family members had discussed buying a stake in Binance’s U.S. arm, a report by the Wall Street Journal revealed earlier this year. The report said the transaction could be facilitated by World Liberty Financial, a project supported by Trump family affiliates.

According to the Journal, the talks began last year as Binance sought to reenter the U.S. market. A key figure in the negotiations is Steve Witkoff, a close ally of Trump, who had helped launch World Liberty Financial two months before Trump's presidency in 2016.

However, both Binance and WLFI have denied any formal agreements or dealings regarding the stake purchase. Binance CEO Changpeng Zhao (CZ) denied any involvement in the deal, stating, “I have had no discussions of a Binance US deal with … well, anyone.”

Furthermore, CZ also addressed reports suggesting that he had requested a pardon from President Trump, calling them misleading. He added that no deal had been made and emphasized that no felon would object to a pardon under the circumstances mentioned in the reports.

Earlier this year, reports emerged that Binance was planning to reenter the U.S. market with a new exchange, focusing on providing spot trading services. The exchange would be a subsidiary of Binance, operating in the U.S. with a new entity and overseen by local regulators.

In December 2021, Binance ceased derivatives trading for U.S. users, and later, its U.S. subsidiary, Binance.US, was launched. However, due to difficulties in obtaining the necessary licenses, the exchange's operations were largely limited to crypto-to-crypto trading.

World Liberty Financial recently completed its token sale, raising nearly $590 million across two pre-sales. The project, known for its involvement with the Trump family, sold tokens to accredited investors only.

The WLFI token, which cannot be transferred or sold publicly on exchanges, is expected to be listed on platforms after the pre-sales.

The success of the sale can be partly attributed to the participation of Tron founder Justin Sun, who invested $30 million in the project.

Despite initial criticism towards the project due to the high-profile individuals involved, Sun expressed his belief in WLFI's potential to move the crypto space forward.

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