World Liberty Financial (WLFI), a decentralized finance (DeFi) platform backed by the family of US President Donald Trump, announced on Thursday that it will launch foreign currency exchange (FX) and remittance services for its users.
The planned foreign exchange and remittance platform, called World Swap, seeks to challenge traditional remittance and FX service providers with lower fees and a simplified user interface, according to Reuters.
Daily global FX trading volume surpassed $9.6 trillion in April 2025, according to a report from the Bank for International Settlements (BIS), and the personal remittances market topped $892 billion in annual volume in 2024, according to data from the World Bank.
Annual remittances volume from 1970 to 2024. Source: World BankNo exact timeline was given for the rollout. Cointelegraph reached out to World Liberty Financial but did not receive a response by the time of publication.
The expansion into FX and remittances follows WLFI’s application for a national trust bank charter in January and the launch of World Liberty Markets, a lending platform, as WLFI continues to grow while attracting scrutiny from Democratic lawmakers in the US.
Related: OCC Comptroller says WLFI charter review will remain apolitical
World Liberty Financial faces probe following foreign investment ties
In January, the Wall Street Journal published a report revealing that an investment vehicle registered in the United Arab Emirates purchased a 49% stake in WLFI for $500 million, four days before the Trump inauguration on Jan. 20, 2025.
The investment vehicle, Aryam Investment 1, is backed by United Arab Emirates National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan.
The report triggered a probe into WLFI and the transaction from Democratic Representative Ro Khanna. “This is about public trust and transparency,” the California lawmaker said.
Trump denied knowledge of the deal. “My sons are handling that — my family is handling it,” Trump said, adding, “I guess they get investments from different people.”
Representative Stephen Lynch on Wednesday questioned Securities and Exchange Commission Chair Paul Atkins about the World Liberty Financial deal and Trump’s crypto projects. Source: US House Committee on Financial ServicesHowever, Democratic lawmakers voiced concerns about the deal during a US House Committee on Financial Services hearing on Wednesday.
Massachusetts Representative Stephen Lynch and California Representative Maxine Waters characterized the deal as a potential national security threat that could allow the president’s office to peddle influence and engage in foreign pay-to-play schemes.
Magazine: Quitting Trump’s top crypto job wasn’t easy: Bo Hines
Source: https://cointelegraph.com/news/trump-wlfi-foreign-exchange-remittance?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
