UAE Sheikh Takes $500M Stake in Trump Crypto Bank, Binance Denies Preferential Treatment
The UAE's Sheikh Tahnoon bin Zayed al Nahyan has taken a significant stake in President Donald Trump's new crypto-focused bank, World Liberty Financial (WLF), through an entity called StringZ Holding RSC. The deal was valued at $500 million, with $263 million going directly to Trump family-controlled entities.
WLF is seeking a national trust charter for its proposed World Liberty Trust Company (WLTC), which has been granted conditional approval by the OCC. However, the OCC has required three shareholders, including StringZ, to sign passivity commitment documents limiting their involvement in the bank's activities.
The move follows a 2025 executive order from President Trump aimed at addressing the 'Operation Choke Point 2.0' conspiracy theory against blockchain operators seeking greater access to US fiat financial rails. The OCC and FDIC have also dropped 'reputational risk' as a criterion for evaluating crypto-related activities.
In related news, Binance has confirmed its partnership with WLF to provide marketing support for the USD1 stablecoin, which has seen significant growth in recent months. However, a Binance spokesperson denied offering any preferential treatment to WLF or its products.