Analysis of Foreign Participation in Trump's Meme Coin Dinner

More than half of the top holders competing for seats at President Trump's upcoming meme coin dinner have used cryptocurrency exchanges that prohibit U.S. customers, suggesting that many buyers are based overseas, according to a CBS News analysis. The gala is scheduled for November 22 at the Trump National Golf Club outside Washington, D.C., and will accommodate the 185 largest holders of the $TRUMP meme coin, as stated on the website for Fight Fight Fight LLC, the company behind the coin. A public leaderboard for the event lists only the top 100 holders. Mr. Trump is set to be the featured speaker alongside three unnamed "legends." The top 29 holders will receive upfront seating and a VIP reception with the president, according to the website. This dinner exemplifies the ongoing blending of business and politics during Mr. Trump's second term. Mr. Trump reportedly earned at least $635 million in royalties last year from a licensing deal associated with the $TRUMP token, as noted in his financial disclosure. He is expected to earn additional revenue from the coin, as an affiliate of the Trump Organization profits whenever the coin is traded, according to the meme coin's website. Zach Everson, a researcher for the consumer rights advocacy group Public Citizen, commented, "Foreign actors used to need a back door to try to influence a president. Trump is holding the front door open and inviting them in for a steak dinner." Of the 100 top holders listed, at least 52 have transacted through crypto exchanges that bar U.S. customers, including Binance, Bybit, and MEXC, according to the CBS News analysis. Analysts typically view accounts using these exchanges as likely belonging to individuals outside the U.S., as explained by Matt Fiebach, co-founder of the crypto data firm Entropy Advisors. "All you can know with certainty is that a non-U.S. person or entity sent funds," Fiebach stated. A cryptocurrency exchange operates similarly to a stock brokerage, allowing customers to trade currencies for crypto. CIC Digital LLC, a Trump Organization affiliate, and Fight Fight Fight together control 80% of the total $TRUMP supply, according to the project's website. The parent company of Fight Fight Fight, Celebration Cards LLC, utilizes Mr. Trump's name and likeness under a licensing agreement. At least 44 users on the leaderboard made transactions through Binance before purchasing $TRUMP, the analysis revealed. CBS News analyzed the transaction histories of the crypto wallets on the gala leaderboard using data from the blockchain intelligence firm Arkham. While ownership of specific wallets cannot be determined, the exchanges used for purchasing crypto tokens can be identified. Users who transacted on exchanges that prohibit U.S. customers account for nearly $6.8 million of the more than $15 million in value reflected on the coin leaderboard as of Wednesday. A meme coin is generally used for commemorative or comedic purposes rather than as a currency. In 2023, Binance had to cease operations for its U.S. customers after it pleaded guilty to federal charges, including failure to prevent money laundering and sanctions violations. Its co-founder, Changpeng Zhao, also pleaded guilty to failing to maintain an effective anti-money-laundering program. (Mr. Trump granted a pardon to Zhao in October 2025, asserting that the crypto billionaire was a victim of political prosecution under President Biden). Exchanges can also provide insights into potential selling activity among token holders. The largest holder of $TRUMP transferred approximately $70 million worth of the coin in September to an account where it could be sold, shortly before the gala dinner contest was announced, as reported by The Washington Sun. The coin's total market value has decreased by more than 95% since its peak in January 2025, now standing at about $532 million, according to data. Democrats and progressive watchdog groups have raised concerns about foreign influence related to the $TRUMP coin, cautioning that individuals overseas could be paying for access to the president. While a U.S.-based user might circumvent foreign exchange prohibitions by using a virtual private network (VPN), many exchanges claim to implement measures to prevent this. The Trump Organization did not respond to requests for comment. A White House official stated that the Trump administration acts in the "best interest of the American people" and emphasized that the meme coin event is "a private event, not a government function, and there is no promise of official government action in exchange for attending." This is not the first time the president has headlined a $TRUMP coin gala; Mr. Trump attended a similar dinner in May 2025 at his golf club in Virginia and another this April at his Mar-a-Lago resort. The meme coin has proven financially beneficial for Mr. Trump, who reportedly earned over $1.4 billion last year from crypto-related ventures, according to his financial disclosure. The current top position on the Trump gala leaderboard is held by a wallet containing about 1.5 million $TRUMP tokens, valued at nearly $3 million. This wallet received its holdings in two transfers on October 8, with the largest coming from another wallet that has utilized the Binance exchange. It remains unclear whether the same individual controls both wallets. Virginia Canter, an ethics lawyer with experience in both Republican and Democratic administrations, noted, "As was the case with Trump's previous meme coin gala, it appears that the majority of $TRUMP investors are purchasing his meme coin through overseas exchanges." Within days of its January 2025 launch, the Trump token reached a peak value of $75.35 but has since experienced a significant decline.