The Binance token, BNB, rose 4% after the Wall Street Journal reported that the Trump family has held talks about a possible financial interest in Binance's US arm.
Binance, the world's largest cryptocurrency exchange, has faced legal issues with US agencies in the past, including money laundering charges.
Binance's CEO, Changpeng Zhao, denied the discussions about a deal with the Trump family and seeking a pardon, stating that the WSJ article got the facts wrong.
Uncertainty remains about the structure of any potential Trump stake in Binance, but one possibility being considered is routing it through World Liberty Financial, a crypto venture backed by the Trump Family.