Global Freedom Finance connected with Trump to enter the foreign exchange market
World Liberty Financial, a decentralized financial platform backed by US President Donald Trump's family, announced on Thursday that it will launch foreign exchange (FX) and remittance services for its users.
The proposed foreign exchange and currency exchange platform, called WorldSwap, seeks to challenge traditional money exchange and FX service providers with low fees and a simple user interface, Reuters reported.
Daily global FX trading volume will exceed $9.6 trillion by April 2025, according to a report from the Bank for International Settlements (BIS), and the private money remittance market will grow to $892 billion annually by 2024, according to World Bank data.
No exact timetable has been given for the release. Cointelegraph reached out to World Liberty Financial but did not receive a response by the time of publication.
WLFI's expansion into FX and foreign exchange is drawing scrutiny from Democratic lawmakers in the US as it grows following WLFI's application for a national trust bank charter in January and the launch of the Global Free Markets lending platform.
RELATED: OCC comptroller says WMFI charter review will remain apolitical.
World Liberty Financial faces scrutiny over foreign investment ties.
In January, the Wall Street Journal published a report that an investment vehicle registered in the United Arab Emirates bought 49% of WLFI for $500 million, four days before Trump's inauguration on January 20, 2025.
The investment vehicle, Ariam Investment 1, is backed by Sheikh Tahnun bin Zayed Al Nahyan, UAE National Security Adviser.
The report drew scrutiny from Democratic Rep. Roe Khanna about WMFI and its transactions. “This is about public trust and transparency,” the California lawmaker said.
Trump has denied knowledge of the deal. “My kids are overseeing that — my family is overseeing it,” Trump said, adding, “I guess they're investing from different people.”
However, Democratic lawmakers voiced concerns about the deal during a hearing of the US House Financial Services Committee on Wednesday.
Representative Stephen Lynch of Massachusetts and Representative Maxine Waters of California called the deal a national security threat that would allow the president's office to influence and engage in out-of-game plans.
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