A cryptocurrency venture tied to U.S. President Donald Trump is facing fresh scrutiny after partnering with a firm whose “flagship project” had recently involved individuals later sanctioned by the U.S. and U.K.

WLFI$0.09520, a crypto business co-founded by Trump and partly owned by his family, said it carried out due diligence before integrating its USD1 stablecoin with the Southeast Asia-based blockchain project AB DAO.

However, a Times investigation released on Monday found the company was unaware that AB DAO had, until weeks earlier, promoted a resort project linked to figures associated with Cambodia’s Prince Group, an organization U.S. authorities have described as a major transnational criminal network.

The partnership was announced in November, shortly after coordinated U.S. and U.K. sanctions targeting Prince Group founder Chen Zhi and associates for alleged involvement in large-scale fraud. Individuals connected to the group had been involved in AB DAO’s promoted resort project before being removed following sanctions.

CoinDesk has contacted WLFI, launched in September 2024, for comment, but the company had not responded at the time of publication. However, WLFI told The Times it has “no association or relationship with the sanctioned individuals.”

The developments add to broader questions around World Liberty’s governance and external relationships. Reporting by The Wall Street Journal in January revealed that a company backed by United Arab Emirates (UAE) national security adviser Sheik Tahnoon bin Zayed Al Nahyan quietly agreed to acquire a 49% stake in WLFI for $500 million shortly before Trump returned to office.

The deal marked “something unprecedented in American politics,” according to the Wall Street Journal, which cited legal experts raising potential conflict-of-interest concerns. The White House has denied any impropriety.

There is no suggestion that WLFI had any direct connection to the Prince Group, according to The Times. However, the report raises questions about the effectiveness of due diligence around its partnerships.

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