Trump-Backed World Liberty Financial Launches Whitelist Process: Excludes US Retail Investors

By: Eliza Bennet

World Liberty Financial (WLFI), backed by former President Donald Trump, has initiated its whitelist process as of September 30, 2023. This launch is part of Trump's ongoing efforts to integrate cryptocurrency into his vision to “make America great again.”

Prospective participants must undergo a stringent know-your-customer (KYC) process to secure a spot on the whitelist. According to WLFI’s official website, there are currently no plans for a native token, and the whitelist does not imply a token offering will occur in any jurisdiction. However, if a token is released in the future, it will be available to those who complete the KYC process.

Only accredited U.S. investors and non-U.S. persons can partake in this initiative. Retail investors based in the United States are unable to participate due to the current regulatory environment. The WLFI team attributed this exclusion to what they describe as “outdated policies and regulations in the U.S.,” promising efforts to change this scenario.

The KYC process involves linking a wallet, submitting a government-issued ID scan, and performing a liveness check via camera. U.S. users also need to prove they are accredited investors. The duration for processing whitelist applications remains undisclosed.

Interestingly, three unofficial versions of the WLFI token were reportedly created shortly after the whitelist announcement, raising concerns over scams.

US-Pegged Stablecoins at the Core

Founded by Donald Trump’s sons, Eric Trump and Donald Trump Jr., WLFI aims to leverage the power of decentralized finance (DeFi). Earlier this month, WLFI confirmed a collaboration with renowned money market protocol Aave, prioritizing the US dollar's dominance in the global financial landscape through stablecoin utilization.

Recent additions to WLFI’s advisory team include Matthew Morgan, CEO of blockchain gaming platform Mixie AI, and Ryan Fang, founder of Tomo Wallet and co-founder of blockchain services firm Ankr. These strategic appointments highlight the project’s commitment to strengthening its leadership with experienced professionals.