Capital One says it closed Trump Organization's accounts after anti-money laundering probe
The disclosure marks the first time a bank has formally tied money-laundering concerns to U.S. President Donald Trump's family business.
The Trump Media and Technology Group launched a paid data service on August 1, called Truth API, offering clients faster access to posts from President Donald Trump and other prominent accounts on the platform. The new application programming interface is designed to provide firms with a direct, licensed, real-time feed of Truth Social's most impactful posts.
Although the president's @realDonaldTrump account is not explicitly named, it is the largest on Truth Social, with 13 million followers. The majority of the account's followers belong to Trump's family, who also own the majority of Trump Media, the public company operating Truth Social. The launch of the service has drawn criticism from Democratic Senators Adam Schiff of California and Elizabeth Warren of Massachusetts, who urged the Securities and Exchange Commission to investigate whether the company is violating securities laws.
The senators argue that the new service is an abuse of the president's office for personal gain, harming ordinary investors and the integrity of financial markets, while benefiting Wall Street and other wealthy individuals. Truth Media CEO Kevin McGurn defended the service, stating that it delivers a direct, licensed, real-time feed of the platform's most market-moving posts and supports the company's strategy to monetize proprietary assets through a high-margin, recurring revenue stream.
Written by urgent.news from CNBC's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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