{"version":"1.9","identifier":"3b207502-cf93-4b0c-9f3c-7c49745b0877","language":"en-US","title":"World Liberty's UAE investors, its new bank charter and a lawsuit: what the record shows","layout":{"columns":7,"width":1024,"margin":32,"gutter":20},"componentLayouts":{"text":{"columnStart":0,"columnSpan":7,"maximumContentWidth":720,"margin":{"top":12,"bottom":12}},"photo":{"columnStart":0,"columnSpan":7,"margin":{"top":20,"bottom":20}}},"componentTextStyles":{"default":{"fontName":"HelveticaNeue","fontSize":18,"lineHeight":29,"textColor":"#171717"},"headline":{"fontName":"HelveticaNeue-Bold","fontSize":36,"lineHeight":42,"conditional":[{"conditions":{"maxViewportWidth":480},"fontSize":28,"lineHeight":34}]},"intro":{"fontName":"HelveticaNeue","fontSize":20,"lineHeight":28,"textColor":"#555555"},"caption":{"fontName":"HelveticaNeue","fontSize":13,"lineHeight":19,"textColor":"#666666"},"byline":{"fontName":"HelveticaNeue","fontSize":13,"lineHeight":20,"textColor":"#666666"},"body":{"fontName":"HelveticaNeue","fontSize":18,"lineHeight":29,"paragraphSpacingAfter":14,"linkStyle":{"textColor":"#00704a"}}},"metadata":{"canonicalURL":"https://567politics.com/news/world-liberty-financial-uae-tahnoon-stake-bank-charter-witkoff-sons-november-2026","datePublished":"2026-11-09T05:19:38.631019Z","dateModified":"2026-11-09T05:22:47.996387Z","authors":["567 Politics staff"],"excerpt":"A UAE royal's investors bought 49% of the Trump and Witkoff families' crypto firm, then backed its bank. Regulators approved it; Democrats and an early investor object.","thumbnailURL":"https://pub-fac99da959e344fe99d810d309cef7df.r2.dev/photos/article/3b207502-cf93-4b0c-9f3c-7c49745b0877/ee6ae5a72338697bf227f57052beff4d.jpg","keywords":["policy"],"generatorName":"Frog News","generatorVersion":"1.0"},"components":[{"role":"title","text":"World Liberty's UAE investors, its new bank charter and a lawsuit: what the record shows","textStyle":"headline","layout":"text"},{"role":"intro","text":"A UAE royal's investors bought 49% of the Trump and Witkoff families' crypto firm, then backed its bank. Regulators approved it; Democrats and an early investor object.","textStyle":"intro","layout":"text"},{"role":"byline","text":"By 567 Politics staff · Published November 9, 2026","textStyle":"byline","layout":"text"},{"role":"photo","URL":"https://pub-fac99da959e344fe99d810d309cef7df.r2.dev/photos/article/3b207502-cf93-4b0c-9f3c-7c49745b0877/ee6ae5a72338697bf227f57052beff4d.jpg","caption":"Zach Witkoff, World Liberty Financial co-founder and chairman of its planned trust bank, speaks at the Consensus 2025 crypto conference in Toronto on May 16, 2025. Photo: Xuthoria (CC BY-SA 4.0) · Xuthoria, CC BY-SA 4.0, via Wikimedia Commons","accessibilityCaption":"Zach Witkoff, World Liberty Financial co-founder and chairman of its planned trust bank, speaks at the Consensus 2025 crypto conference in Toronto on May 16, 2025. Photo: Xuthoria (CC BY-SA 4.0)","layout":"photo"},{"role":"caption","text":"Zach Witkoff, World Liberty Financial co-founder and chairman of its planned trust bank, speaks at the Consensus 2025 crypto conference in Toronto on May 16, 2025. Photo: Xuthoria (CC BY-SA 4.0) · Xuthoria, CC BY-SA 4.0, via Wikimedia Commons","textStyle":"caption","layout":"text"},{"role":"photo","URL":"https://upload.wikimedia.org/wikipedia/commons/b/b9/Zach_Witkoff_at_Consensus_2025.jpg","caption":"Zach Witkoff at Consensus 2025 in Toronto","accessibilityCaption":"Zach Witkoff at Consensus 2025 in Toronto","layout":"photo"},{"role":"caption","text":"Zach Witkoff at Consensus 2025 in Toronto","textStyle":"caption","layout":"text"},{"role":"body","format":"markdown","text":"Four days before Donald Trump's second inauguration, an investment firm tied to one of the most powerful men in the United Arab Emirates signed a deal to buy 49% of World Liberty Financial for $500 million. The crypto company had been founded by members of the Trump family and the family of Steve Witkoff, who would soon become the president's Middle East envoy. The deal was not public for more than a year.\n\nSince then, the same Emirati investor group has turned up again. It is behind the largest stake in the holding company for World Liberty's planned national trust bank, which won preliminary approval from a Trump-appointed regulator in August 2026. The company is also fighting a lawsuit from one of its earliest investors, who says it hid its Emirati ties from a federal court.\n\nThis article sets out what the public record shows about the deal, the bank charter and the lawsuit, and how each side has responded. Witkoff's personal finances, including the $106.9 million his holding company paid him in his latest reporting year, are covered in a [separate article on his ethics filings](https://567politics.com/news/steve-witkoff-financial-disclosures-world-liberty-107-million-divestment-november-2026). Jared Kushner's business record is covered in [our earlier overview](https://567politics.com/news/jared-kushner-controversies-a-record-november-2026).\n\n## The January 2025 deal\n\nThe Wall Street Journal first reported the deal on Jan. 31, 2026. According to [CNN's summary of the Journal's reporting](https://www.cnn.com/2026/02/01/politics/trump-family-crypto-world-liberty-financial-uae), the buyers were lieutenants of Sheikh Tahnoon bin Zayed Al Nahyan. Tahnoon is the UAE's national security adviser, a brother of its president and the manager of its largest wealth fund.\n\nThe Journal reported that:\n\n* The deal was signed by Eric Trump, the president's son.\n* The buyer, a company called Aryam Investment 1, received a 49% stake in World Liberty.\n* The buyers paid half up front. Of that, $187 million went to Trump family entities and at least $31 million went to entities tied to the Witkoff family.\n* Two senior officers at companies backed by Tahnoon joined World Liberty's board.\n* Tahnoon was pressing the United States for access to advanced AI chips at the time.\n\nWorld Liberty confirmed the investment. A spokesman, David Wachsman, said: \"Neither President Trump nor Steve Witkoff had any involvement whatsoever in this transaction and have had no involvement in World Liberty Financial since taking office.\"\n\nWachsman denied any link to chip policy. \"Any claim that this deal had anything to do with the Administration's actions on chips is 100% false,\" he told CNN. He said the company made the deal \"because we strongly believe that it was what was best for our company as we continue to grow.\" He added that holding a private American company to \"some unique standard that no other similar company would be held is both ridiculous and un-American.\"\n\nThe White House also rejected the conflict claims. \"President Trump's assets are in a trust managed by his children. There are no conflicts of interest,\" spokeswoman Anna Kelly said. White House counsel David Warrington said Witkoff \"has not and does not participate in any official matters that could impact his financial interests\" and \"has also divested from World Liberty Financial, notwithstanding his ability and willingness to recuse.\"\n\nDeputy Attorney General Todd Blanche, speaking on ABC's \"This Week,\" said there was \"nothing unprecedented about the Trump Organization going out and trying to make investments.\"\n\nCritics were blunt. Sen. [Elizabeth Warren](https://567politics.com/politicians/elizabeth-warren), D-Mass., wrote: \"Corruption, plain and simple.\" Richard Stengel, an Obama-era State Department official, wrote that \"never before has a foreign government official taken a major ownership stake in an incoming U.S. president's company.\"\n\n## How much the Trump and Witkoff sides received\n\nThe first figures came from the Journal's account of the up-front payment. Later reporting relied on Trump's own disclosure. [CNBC reported in August 2026](https://www.cnbc.com/2026/08/27/uae-spy-sheikh-trump-family-crypto-bank.html) that the deal \"directed $263 million to Trump family entities, according to Trump's 2025 annual financial disclosure.\" [CNN reported](https://www.cnn.com/2026/08/17/investing/trump-crypto-bank-world-liberty) that Trump also earned more than $526 million from the sale of World Liberty tokens in 2025, according to disclosure forms.\n\n**What Trump earned from World Liberty in 2025, as reported**\n\nMillions of dollars. The token figure is \"more than $526 million\" from disclosure forms, per CNN. The equity figure is from the sale of a stake to the Tahnoon-led group, per CNBC citing Trump's 2025 annual disclosure.","textStyle":"body","layout":"text"},{"role":"htmltable","html":"<table><tr><th>Source of income</th><th>Amount</th></tr><tr><td>Sales of World Liberty tokens</td><td>$526M</td></tr><tr><td>Sale of World Liberty equity to UAE-led investors</td><td>$263M</td></tr></table>","layout":"text"},{"role":"body","format":"markdown","text":"Source: [CNN, Aug. 17, 2026](https://www.cnn.com/2026/08/17/investing/trump-crypto-bank-world-liberty), [CNBC, Aug. 27, 2026](https://www.cnbc.com/2026/08/27/uae-spy-sheikh-trump-family-crypto-bank.html)\n\nThe public record on the Witkoff side is thinner. The Journal's \"at least $31 million\" covers only the up-front half of the payment. A House Democrat later noted that the Journal could not determine how the second half, due by July 15, 2025, was distributed. Witkoff's own ethics report for 2026 shows that his holding company paid him $38.1 million in cryptocurrency, but it does not say where that came from.\n\n## The chip question\n\nThe core allegation from critics is not that the deal was illegal on its face. It is that a foreign official with business before the U.S. government put money into a company owned by the president's family and his envoy's family, and later got policy he wanted.\n\nRep. [Ro Khanna](https://567politics.com/politicians/ro-khanna), D-Calif., the top Democrat on the House Select Committee on the Chinese Communist Party, laid out that argument in a [Feb. 4, 2026 letter to Zach Witkoff](https://democrats-selectcommitteeontheccp.house.gov/sites/evo-subsites/democrats-selectcommitteeontheccp.house.gov/files/evo-media-document/2-4-26-scc-letter-to-wlf.pdf), the co-founder of World Liberty and Steve Witkoff's son. The letter says:\n\n* Tahnoon also controls G42, a UAE AI company that the Biden administration had barred from directly buying the most advanced chips over concerns about ties to China.\n* In November 2025, the Commerce Department approved an export license for tens of thousands of advanced AI chips to G42.\n* MGX, another Tahnoon-controlled firm, invested $2 billion in the crypto exchange Binance in 2025 using World Liberty's USD1 stablecoin, which helped make USD1 one of the world's largest stablecoins.\n* Trump pardoned Binance founder Changpeng Zhao in October 2025, a month before the chip licenses.\n\nThe letter argues that \"these transactions, investments, and pardons do not just bear the appearance of impropriety, but of illegality.\" It cites the federal conflict-of-interest law that bars officials such as Witkoff from taking part in matters where they have a financial interest, and the Constitution's foreign emoluments clause. It also concedes that \"reasonable minds can disagree\" on how best to run export controls.\n\nThese are allegations in a letter from a minority member. They have not been tested in any hearing or court. The letter asked World Liberty to answer a list of questions and turn over documents by March 1, 2026. No public reply from the company was found. CNBC reported in August that the administration had since eased limits on how many chips G42 could buy.\n\n## The bank charter\n\nOn Aug. 14, 2026, the Office of the Comptroller of the Currency granted [preliminary conditional approval](https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1385.pdf) for World Liberty Trust Company, National Association. The decision was signed by Stephen A. Lybarger, a senior deputy comptroller.\n\nAccording to the decision:\n\n* The bank would be based in Bay Harbor Islands, Florida, and owned by WLTC Holdings LLC.\n* It would issue and redeem USD1 for institutional clients, taking over that role from BitGo, the current issuer and custodian. It would also hold digital assets for customers.\n* It \"will not issue, custody, or deal in WLFI tokens,\" World Liberty's governance token.\n* It must keep at least $20 million in core capital.\n* The approval expires if capital is not raised within 12 months or if the bank does not open within 18 months.\n* Final approval will not be granted until all preopening requirements are met. Until then, the OCC can change, suspend or cancel the approval.\n\nThe trust bank cannot take deposits or make loans, CNN reported. USD1 had more than $4 billion in circulation at the time.\n\nThree investors signed passivity commitments, promising not to try to control the bank. They are StringZ Holding RSC (DE) LLC; DT Marks SC LLC, a Trump family entity whose commitment was signed by Eric Trump; and AMGUS, LLC, whose commitment was signed by World Liberty co-founder Zachary Folkman.\n\n### What the OCC said about conflicts\n\nThe OCC received seven comments from four commenters. Four comments raised conflicts of interest involving the president's family, Alexander and Zachary Witkoff, and Emirati investors. Some argued that the bank could get favorable treatment because the comptroller is a presidential appointee.\n\nThe agency answered that the comptroller and staff \"acted consistently with their statutory duties and ethical obligations.\" It said approvals like this one \"are made under authority delegated by the Comptroller to career staff,\" and that career staff would also supervise the bank.\n\nThe OCC said other concerns were beyond its review. World Liberty Financial, Inc., \"is not a party to this application,\" it wrote, and \"investors in World Liberty Financial, Inc., would not have an investment in, or control over, the Bank.\" It also said a review by the Committee on Foreign Investment in the United States \"is outside of the scope of the OCC's review.\"\n\n### Who owns the bank's parent\n\nTwo weeks later, the Journal reported who stood behind StringZ. According to [CNBC's account](https://www.cnbc.com/2026/08/27/uae-spy-sheikh-trump-family-crypto-bank.html), Tahnoon and his co-investors are behind StringZ, which owns 49% of WLTC Holdings. An entity tied to the Trump family owns another 38%. The OCC decision itself does not name Tahnoon.\n\nThe decision describes StringZ's stake as an indirect, passive investment in the bank. No OCC response to the Journal's ownership report was found. The agency declined to comment on the approval to CNBC.\n\n### The reaction\n\nZach Witkoff, who chairs the trust company, said: \"We welcome continuous scrutiny from Federal regulators for many years to come.\" [CNBC reported](https://www.cnbc.com/2026/08/14/world-liberty-trump-occ-bank-charter-stablecoin.html) that the OCC has received 40 charter applications since 2025, many tied to crypto, and that applications are reviewed by career staff.\n\nWachsman said the charter will bring \"robust and permanent\" oversight \"that will outlast the Trump administration.\" He added: \"Critics are missing the point: World Liberty Financial is running towards regulation and continuous oversight, not away from it.\" After the Journal's ownership report, he told CNBC that \"no one at World Liberty works for the U.S. government and there are no conflicts of interest.\"\n\nKelly, the White House spokeswoman, said all of Trump's investments \"are held in fully discretionary accounts managed by independent third-party financial institutions.\"\n\nWarren said: \"President Trump is now the first President in history to approve, operate, and supervise his own bank.\" She and other Senate Democrats said they would introduce a bill to bar regulators from approving banks owned or controlled by the president, vice president, their families, members of Congress or other officials.\n\nRichard Painter, the chief ethics lawyer under President George W. Bush, told CNN it was \"quite precarious to have the president and his family invested heavily in one of our most important regulated industries at the same time as he has the power to hire and fire the regulators.\" Patrick Woodall of Americans for Financial Reform Education Fund said the OCC \"cannot credibly or impartially supervise or examine the Trump family crypto bank.\"\n\nThe dispute has spilled into crypto legislation. CNN reported that Democrats have withheld support for the Clarity Act, a market structure bill, in part because it does not force the president to give up his crypto holdings.\n\n## The Justin Sun lawsuit\n\nThe Emirati ties have also surfaced in court. Justin Sun, the founder of the Tron blockchain, was one of World Liberty's earliest and largest backers. He agreed to buy $30 million of WLFI tokens in November 2024 and later raised his total to $45 million, [CoinDesk reported](https://www.coindesk.com/policy/2026/11/03/justin-sun-seeks-sanctions-against-trump-linked-world-liberty-financial-over-uae-ties).\n\nSun sued in April 2026 in California federal court. He alleges that World Liberty induced his investment through fraud and then unlawfully froze his tokens. World Liberty has defended the freeze. At an August hearing, the judge kept some claims in court and sent others to private arbitration.\n\nAccording to Sun, less than a week later World Liberty changed its corporate disclosure. It had listed itself only as a Florida citizen. The new filing named 22 entities in its ownership chain and claimed citizenship in Florida, Delaware, Puerto Rico and the UAE. That matters because federal courts generally cannot hear such cases when foreign parties are on both sides. World Liberty now argues the court lacks jurisdiction.\n\nOn Nov. 3, Sun asked the court to sanction the company and its lawyers. \"World Liberty was proudly American when it was selling tokens,\" he wrote on X. \"It discovered its UAE roots only when it needed a way out of an American federal courtroom.\"\n\nWorld Liberty's lawyers have said they learned of the UAE citizenship after filing the original disclosure, according to Sun. The company could not be reached by CoinDesk. The court has not found that World Liberty concealed anything. Sun says he plans to refile in California state court once the sanctions motion is decided.\n\n## Timeline\n\n**World Liberty, the UAE stake and the bank charter**\n\n* **2024-11**: Justin Sun agrees to buy $30 million of WLFI tokens\n* **2025-01**: Aryam Investment 1 signs a deal for 49% of World Liberty, four days before the inauguration\n* **2025-10**: Trump pardons Binance founder Changpeng Zhao\n* **2025-11**: Commerce approves advanced chip exports to G42, according to Khanna's letter\n* **2026-01-31**: The Wall Street Journal reports the Aryam deal\n* **2026-02-04**: Rep. Ro Khanna writes to Zach Witkoff seeking documents\n* **2026-04**: Sun sues World Liberty in California federal court\n* **2026-08-14**: The OCC grants preliminary conditional approval for World Liberty Trust\n* **2026-08-27**: The Journal reports a Tahnoon-backed firm owns 49% of the bank's parent\n* **2026-11-03**: Sun seeks sanctions over World Liberty's UAE disclosure\n\n## Unresolved issues as of Nov. 9\n\nSeveral matters were still unresolved on Nov. 9, 2026:\n\n* **The bank.** World Liberty Trust cannot open until the OCC grants final approval. The agency can still change or cancel its decision if facts change.\n* **Congress.** Democrats will control the House in January after the midterms. Khanna's inquiry, Warren's bill and the wider push to question [Trump](https://567politics.com/politicians/donald-trump) family business partners could gain subpoena power. Our [look at the incoming Democratic majority's plans](https://567politics.com/news/kushner-witkoff-democratic-congress-subpoenas-oversight-raskin-garcia-november-2026) covers that fight.\n* **The courts.** Sun's sanctions motion is pending, and a state court case may follow.\n* **The second payment.** No public record found shows where the second half of Aryam's $500 million went.\n\n## How the main arguments line up\n\nSupporters of World Liberty and the administration argue that the company is a private business that raised money the way other firms do, that the president and Witkoff stepped away from it, and that the bank charter brings more federal oversight, not less. They note that career staff, not political appointees, approved the charter.\n\nCritics argue that a foreign official with business before the U.S. government now owns large stakes in both the company and the bank's parent, while the president appoints and can fire the regulators. They want either divestment by the president or a ban on such approvals.\n\nSome facts are not in dispute: the full terms of the 2025 deal and the second payment have not been made public. Khanna's letter asks for those documents. World Liberty has not released them.","textStyle":"body","layout":"text"}]}