Trump's crypto partner is still helping Iran
News on the return of Donald Trump's for-profit presidency
‘Iran Still Uses Binance. Trump’s WLFI Still Profits from Binance.’
On Friday, Public Citizen posted this statement:
WASHINGTON, D.C. – “Iranian entities associated with the regime” have continued to use Binance – a major backer of the Trump family’s World Liberty Financial crypto venture – to move money as recently as this month, despite U.S. sanctions and Binance’s earlier pledges, the Wall Street Journal reported on Thursday. Binance, the Journal reports, has served as a financial artery for Iran’s Islamic Revolutionary Guard Corps, a U.S.-designated terrorist organization that arms and finances Hamas, Hezbollah, and Yemen’s Houthi militants. The finding draws on Binance’s own internal compliance reports, foreign law-enforcement officials, and nonpublic documents.
Zach Everson, Trump Accountability Project research director for Public Citizen [that’s me], issued the following statement:
“This is precisely the conflict Public Citizen documented in Conflict Coin. The Trump family peddles crypto and profits from the same ecosystem the president and his allies in Congress are writing the rules for. The president’s own Justice Department is now investigating Iran’s use of Binance. His own Treasury Department has put financial institutions on notice over Iran transfers. Yet Binance – Trump’s crypto business partner – continues to help Iran evade U.S. sanctions. Rather than severing ties, the Trump family has deepened them and rewarded Binance’s founder, Changpeng Zhao, with a pardon last October. The payoff: more than $1.2 billion in Trump family earnings from World Liberty Financial since 2024, by the Journal’s accounting.
“As the CLARITY Act heads to the Senate floor, lawmakers must – at a minimum – establish strong ethics rules barring the president, his family, and senior administration officials from issuing, promoting, or profiting from the digital assets they regulate. A crypto framework that exempts the most-conflicted issuer in the country isn’t a guardrail. Rather, it signals a green light for massive corruption.”
Related: “How Trump’s crypto venture and Iran’s top exchange tapped into the same industry networks” by Tom Wilson and Gavin Finch for Reuters
Stay informed about Trump’s presidential profiteering
There’s no lack of great reporting out there on Trump’s conflicts of interest. But it often gets buried—understandably much of the time—behind Iran, ICE, tariffs, Ukraine, Jeffrey Epstein, and the war on vaccines. Subscribe to 1100 Pennsylvania, and we’ll make sure you stay informed. It’s free.
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‘Trump’s Tax Immunity Could Save Him More Than $600 Million’
By Dan Alexander for Forbes:
Trump now appears to be staring at a tax liability of more than a half-billion dollars. His sons Eric and Don Jr., also given immunity via Tuesday’s agreement, are also coming off of record years that would theoretically trigger massive tax payments. A Trump Organization spokesperson said Eric Trump has no outstanding personal audits, without addressing a follow-up note about his 2025 taxes. It could take courts years to determine whether the new settlement is legal. But time can be very valuable, especially for a family like the Trumps, which is actively investing its liquidity in stocks and bonds. Assuming mediocre returns, $600 million of free money could yield an extra $240 million over five years.
Related: “Trump’s IRS Settlement Illegally Halts Audits” from Public Citizen
Norms, shame and ethics are out the window
I joined The National on Canada’s CBC News to chat with Eli Glasner about how Trump is cashing in on his presidency. [Dad, if you just want to get to the part with me in it, that starts around 32:10.]
The week in Don Jr. and Eric
The president’s sons have been some very busy boys—
“Donald Trump Jr’s VC firm touts ‘patriotic capitalism’ in investment push” by Alex Rogers and George Hammond for the Financial Times
DoD invited 48 drone companies to compete for government contracts in a $1 billion program. One of the companies is Powerus. It’s backed by Don Jr. and Eric Trump.
“US quantum investment includes groups tied to Trump administration” by Joe Miller and Michael Peel
“How Eric Trump Created A Myth Around His Kids-Cancer Charity” by Dan Alexander for Forbes
“Trump Mobile confirms it exposed customers’ personal data, including phone numbers and home addresses” by Lorenzo Franceschi-Bicchierai for TechCrunch
“Jen Psaki Fact-Checks Eric Trump’s Lawsuit Threat On-Air: ‘I’ll Let You Be the Judge’” by Alyssa Ray for The Wrap
Public Citizen launches Substack
By the way, you should absolutely subscribe to Public Citizen’s Substack. My colleagues have been doing some amazing work trying to block Trump’s destruction of the East Wing, digging into Big Tech CEOs cozying up to Trump, keeping tabs on RFK Jr.’s misleading congressional testimony, and in countless other areas.
‘The smoking guns in Trump’s new financial disclosure’
by Judd Legum for Popular Information—
Trump publicly praised companies the same day he bought their stock….The disclosures reveal that Trump has been a highly active trader in 2026, executing thousands of transactions — many in individual stocks impacted by his administration’s policies…
‘ファミリービジネス？次男も訪中に同行 米中会談前夜‥トランプ氏“裏ディール”は’
Thanks to Japan’s BS-TBS’s NEWS 1930 for having me on to discuss Eric Trump’s business interests.
Trump has visited his properties 252 times in 488 days, per CREW
Citizens for Responsibility and Ethics in Washington updated its Trump tracker on Friday. He’s visiting his properties more frequently this term than in his first one, which is really impressive when you realize he no longer has a hotel a few blocks from the White House.
If there’s one thing you remember from this newsletter…
Since Trump was re-elected, Forbes estimates—
💰 His net worth is up $1.8 billion, to $6.1 billion
💰 Eric’s is up 10x, to $400 million
💰 Don Jr.’s is up 6x, to $300 million
💰 20-year-old Barron is worth $150 million
And Jared became a billionaire last year.
Other Trump Organization news
“Japanese conglomerate SoftBank Group recently donated $50 million to the Trump presidential library and foundation” report Jacob Wendler, Daniel Lippman for Politico
“Don’t call us just a WLFI treasury company, says AI Financial” [Probably the best strategy when your Trump-crypto holdings have plummeted 50%, you’re down $750M, you reported a $271M loss in Q1 according to your delinquent SEC filing and your stock is trading at $0.85—off from a $10.95 52-week high] by Sam Reynolds for CoinDesk
Abu Dhabi govt out with a press release that Sheikh Tahnoon—a major business partner of Donald Trump’s WLFI crypto venture: 1) Is crushing it, 2) Expects to continue to crush it.
“Trump Media moved but ‘did not sell’ $205 million in bitcoin amid rising losses on crypto bets” by Helene Braun for Coindesk
“Small financial group close to Trump family plots $200mn Venezuela Spac deal” by George Steer for the Financial Times
“Kushner Disappoints Mideast Clients Who Spent Millions Seeking Sway” by Annie Massa for Bloomberg
The RNC paid Mar-a-Lago $153,000 for a venue rental and catering on April 24, per its latest filing with the Federal Election Commission.
“Manager at Trump’s N.J. Golf Club Helped Plan Reflecting Pool Repairs” by David A. Fahrenthold and Maxine Joselow for the New York Times
TrumpStore[.]com debuted a $55 “USA 250 Anniversary Hat,” depicting Mount Rushmore, a bald eagle, the Statue of Liberty, a flag, and the Liberty Bell. Trump’s attorney promised he would not profit off his presidency.
“Trump Tried to Build Australia’s Tallest Tower. It Didn’t Happen.” by Russ Choma for Mother Jones
Trump did not attend Don Jr.’s wedding. But in the president’s defense, Jr. didn’t book his wedding at a Trump property.
Get in touch
Have a tip? Need a source? z_everson@protonmail.com or call/text/Signal 202.804.2744.