One crypto token has defied a wider downturn in the crypto sector, amid global market turmoil caused by US president Donald Trump’s tariffs and admission of possible recession.

The Wall Street Journal has reported that the Trump family has held talks about a possible financial interest in Binance, despite the guilty plea from crypto exchange over money laundering charges in the US.

A crypto token has defied a wider downturn in the crypto sector, amid global market turmoil caused by US president Donald Trump’s tariffs and admission of possible recession.

Binance’s BNB token rose 4 percent to $151.69 by 07:15 ET (11:15 GMT). It had dropped to as low as $140 earlier in the week.

The Trump family has held talks to secure a financial interest in the US arm of the world’s largest cryptocurrency exchange, the Wall Street Journal reported.

This pushed Binance’s BNB token up 4 percent Thursday.

The report comes as Binance faces a slew of legal troubles in the US, which has seen it withdraw from applying to operate a registered exchange in the country.

At the same time, its founder, Changpeng Zhao has been angling for a presidential pardon after serving four months in prison for violating anti-money laundering laws.

Earlier this month, the SEC also agreed in principle to dismiss a lawsuit against crypto firm Kraken.

The US president has also sparked concern over a possible return to the 2024 presidential race, after trailing in early polls to Democratic president Joe Biden.

Trump’s daughter, Lara Trump, and his son-in-law, Josh Ivanka, are among the family members who have discussed a deal with Binance, the Journal said. They are backers of World Liberty Financial, a crypto venture that could be used to house the Trump family's stake in the exchange.

The report added that no agreement has been reached yet, and it is still unclear whether the Trump family will take an equity stake in Binance.US or prefer a structure that provides ongoing payments from the exchange.

One possibility being considered is routing Trump family's stake in Binance.US through World Liberty Financial.

However, in a tweet on X (formerly Twitter), Zhao denied any discussions about a deal for Binance.US or seeking a pardon.

"Sorry to disappoint. The @WSJ article got the facts wrong. I have had no discussions of a Binance US deal with... well, anyone," he wrote.

The structure of any potential Trump stake remains uncertain, but sources told the Journal that one possibility being considered is routing it through World Liberty Financial, a crypto venture backed by the Trump Family.

The Trump family members are said to be interested in an investment that provides a regular stream of income, which aligns with their focus on securing long-term financial stability.

This aligns with Trump's recent statements about potentially running for president again in 2024.

Earlier this year, Trump expressed his interest in a third term, saying he would "certainly consider" it if people wanted him to run again.

However, he added that he would prefer to "take a break" and spend time on his businesses and personal life.

But he ultimately decided against it and threw his hat into the ring for the 2023 presidential election.

After losing the 2020 presidential election to Biden, Trump announced his own candidacy for the 2024 presidential election.

He is currently trailing Biden in early polls for the 2024 election.