Trump Opens KYC for His Crypto Platform Amid ‘Scam’ Allegations

Trump-backed World Liberty Financial, a crypto platform, has announced the opening of its KYC whitelist for eligible people, as shared by Donald J. Trump on X. According to the announcement, accredited investors and non-U.S. persons can now verify their identities through KYC and join the platform.

Donald Trump stated that World Liberty Financial would help the country establish itself as the capital of crypto, urging people to join this “historic moment.”

World Liberty Financial (WLFI) is a decentralized finance (DeFi) platform supported by former U.S. President Donald Trump and his family.

The platform focuses on the “mass adoption of stablecoins and decentralized finance.” This will enable users to borrow, lend, and earn interest on cryptocurrencies, particularly through its governance token, WLFI.

The WLFI token is part of a larger DeFi ecosystem built on Ethereum’s blockchain. Currently, its offerings are mainly restricted to accredited investors as defined by the SEC.

The launch of World Liberty Financial has been a hotbed of controversy for various reasons. For instance, critics have targeted the project for allocating a significant portion, around 70%, of tokens to company insiders. Others are also questioning the involvement of Trump’s family members in its leadership. Some people are also calling the project a scam on X. 

Source: X

However, World Liberty Financial adviser Corey Caplan has refuted the allegation, stating that the news about token allocation is incorrect, as they have planned for 63 percent of the tokens to be sold to the public.

Donald Trump, once a critic and “not a fan” of cryptocurrencies, has left no stone unturned during his presidential campaign. He has openly endorsed cryptocurrencies and even gone the extra mile to win over crypto enthusiasts by accepting crypto donations .

This has also raised doubts within the community as some people call it a wise move to convince the huge crypto community to vote for him.