Crypto: $2 Billion Binance Deal Comes Back to Haunt Trump

Donald Trump and World Liberty Financial face a new lawsuit concerning their crypto activities. J. Benjamin Greenberg, a shareholder of Circle, claims that two crypto operations linked to the United Arab Emirates allowed the president and his companies to illegally benefit from foreign payments. The contested transactions represent 2.5 billion dollars: 500 million for 49% of World Liberty and 2 billion invested in Binance via the stablecoin USD1.

Two crypto deals worth 2.5 billion $ at the heart of the lawsuit

The lawsuit was filed Thursday before a federal court in Washington. J. Benjamin Greenberg, a shareholder of Circle and former employee of the company, is suing Donald Trump, World Liberty Financial, multiple affiliated companies as well as Steve Witkoff, the U.S. special envoy to the Middle East.

The first crypto deal was already known. A few days before Trump’s inauguration in January 2025, a company supported by Sheikh Tahnoon bin Zayed Al Nahyan had agreed to buy 49% of World Liberty for 500 million dollars.

Tahnoon is the National Security Advisor of the United Arab Emirates. Half of the price, or 250 million dollars, was to be paid immediately. Previously published financial documents indicated that a significant portion of this amount was to be returned to entities linked to the Trump family.

The lawsuit claims that Donald Trump then received income related to this operation after his return to the White House. No court has yet established that this income was illegal.

USD1 and Binance put crypto back at the center of the case

The second transaction involves MGX and Binance. In 2025, the Abu Dhabi fund invested 2 billion dollars in Binance. The operation was carried out with USD1, the stablecoin launched by World Liberty Financial. The choice of this stablecoin had significantly increased its visibility in the crypto ecosystem. Binance has since further developed its ties with USD1.

Greenberg believes that this transaction financially benefited World Liberty at the expense of Circle, the company behind USDC. Therefore, the lawsuit takes the form of a derivative action. Greenberg is acting as a shareholder and seeks to obtain reparations on behalf of Circle.

However, Circle distances itself. The company states that it did not initiate, direct, or authorize the procedure. The case also does not state that Trump personally received the 2 billion dollars invested in Binance. Instead, the plaintiff argues that choosing USD1 generated income and strengthened World Liberty’s crypto activity. The distinction is important.

Trump’s crypto activities now before the court

The legal core of the lawsuit rests on the Foreign Emoluments Clause of the U.S. Constitution. This provision limits the possibility for a U.S. president to accept certain advantages from foreign governments without Congressional approval.

Greenberg asks the court to consider certain profits related to the contested crypto operations as prohibited foreign benefits. He specifically demands an accounting of the payments involved, the restitution of profits deemed illegal, as well as damages.

The case comes at a time when crypto already occupies an important place in Trump’s financial activities. His companies and investments linked to digital assets have greatly contributed to the growth of his fortune. World Liberty Financial denies the allegations. The company says it complies with U.S. laws and reminds that none of its employees work for the federal government. The White House also contests the existence of a conflict of interest. The court will now have to determine whether Greenberg can demonstrate harm to Circle and whether the income from these crypto operations can really fall under the constitutional clause.

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