Crypto Market Update: Trump Meme Coin Firm Promotes Dinner with President

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• Ethereum (ETH) was priced at US$2,742.93, trading 0.8 percent higher over the last 24 hours.

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Today's crypto news to know

Read on for a round-up of the biggest crypto market news:

• Trump meme coin promotes dinner with president
• IMF unlocks US$138 million for El Salvador after Bitcoin waiver
• EU regulators probe Binance over unlicensed allegations

Trump meme coin promotes dinner with president

The firm behind US President Donald Trump's meme coin has launched a contest offering investors an invitation to "the most exclusive dinner in the world" with the president on November 22 in Washington, DC.

The GetTrumpMemes.co website is offering "an evening with 3 Legends and President Donald J. Trump" at his private club for the top 185 holders of the $TRUMP coin.

The contest runs through November 12 and promises the top 29 purchasers entry into a VIP reception "with YOUR FAVORITE PRESIDENT," while the top four will receive an 18 karat Trump-branded gold watch. The site explicitly specifies that "no attendees will be granted a private meet & greet with the President" and that "no gifts will be accepted."

Financial disclosures reveal Trump has made more than US$1 billion from his crypto portfolio since launching various digital asset products shortly before taking office in January 2025. The White House states that Trump does not manage his investment accounts and that his portfolio "is independently managed by third-party financial institutions."

Watchdog group Public Citizen previously reported that investors in Trump crypto assets managed by the president's adult sons have suffered US$4.7 billion in paper losses. The US Securities and Exchange Commission previously warned that memecoins carry extreme risk, citing a failure rate "exceeding 90% for new tokens."

The $TRUMP token surged to US$70 after its 2025 launch before crashing to its current trading price near US$2.

IMF unlocks US$138 million for El Salvador after Bitcoin waiver

The International Monetary Fund (IMF) has approved an immediate SDR 101.96 million disbursement worth approximately US$138 million to El Salvador following its second and third program reviews. The IMF executive board granted a waiver for El Salvador's breaching of a performance criterion that limited government Bitcoin accumulation. In exchange for the waiver, El Salvador committed to halting further state Bitcoin purchases beyond documented donations.

The board granted the waiver based on corrective measures and renewed policy commitments from officials.

The disbursement falls under El Salvador's 40 month, US$1.4 billion extended fund facility approved on February 26, 2025. IMF staff reported that strong security improvements and rising investor confidence pushed economic activity above earlier forecasts. Salvadoran gross international reserves reached US$4.81 billion in 2025, with projections indicating a rise to US$5.35 billion in 2026 as the country rebuilds its external buffers.

EU regulators probe Binance over unlicensed allegations

EU regulators are questioning cryptocurrency exchange Binance over its continued operations on the continent without an official operating license. Binance lost authorization to offer trading services to European clients after EU officials rejected its application under the Markets in Crypto-Assets regulatory framework earlier this year.

EU rules required digital asset exchanges to obtain a MiCA operating license by the end of June to continue offering services to European customers. European officials accuse Binance of exploiting a legal loophole known as "reverse solicitation" to serve European traders without proper authorization. Reverse solicitation allows offshore financial firms to serve European clients only if customers seek out the business relationship entirely on their own initiative.

The European Securities and Markets Authority and national regulators are currently examining Binance's reliance on reverse solicitation to evaluate potential enforcement actions. National regulators have requested operational information from Binance and may issue financial penalties against the exchange.

Binance stated that its failure to secure a European operating license threatens the trading accounts of millions of users and confirmed plans to reapply for a license.