• Binance CEO Richard Teng rejected allegations that the change promoted the Trump-affiliated stablecoin USD1 to assist safe a presidential pardon for former CEO Changpeng “CZ” Zhao.
  • Teng claimed that the MGX funding in Binance used USD1 on account of MGX’s unbiased resolution, regardless of experiences that Binance helped construct the stablecoin’s underlying expertise.
  • The controversial pardon has drawn scrutiny from Democratic lawmakers, with Senator Elizabeth Warren alleging Zhao “financed President Trump’s stablecoin and lobbied for a pardon,” a declare that Zhao’s authorized staff has threatened to sue over.

Binance CEO Richard Teng rejected allegations that the change promoted USD1, a Trump-affiliated stablecoin, to assist safe a presidential pardon for former CEO Changpeng (CZ) Zhao.

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Teng additionally stated MGX independently selected USD1 for the transaction tied to its strategic funding in Binance. 

“We didn’t partake in that call,” he told CNBC reporters on Tuesday. This comes following a Wall Avenue Journal piece that claimed Binance not solely facilitated the MGX settlement in USD1 but in addition helped construct the stablecoin’s underlying expertise, citing nameless sources.

After pleading responsible in 2023 and spending 4 months in jail in April 2024, Zhao was pardoned by Trump this October. Trump described Zhao as a “revered entrepreneur” and stated the pardon was about protecting the US aggressive within the crypto business.

But the president claimed he doesn’t even know who he’s in a 60 Minutes interview. 

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A July Bloomberg article, citing three unnamed sources, stated Binance helped write components of USD1’s code (Zhao threatened to file a defamation go well with in response). Furthermore, WLFI benefited from the Binance itemizing and a partnership with PancakeSwap, a market tied to Binance’s ecosystem.

WLFI’s website discloses that DT Marks DEFI LLC and Trump members of the family obtain important income shares and maintain WLFI tokens. It additionally states that Trump, his relations, and affiliated entities will not be officers, administrators, founders, or managers of WLFI. 

However lawmakers have pressed the difficulty. For instance, Senator Chris Murphy stated in October that Binance.US was “selling Trump crypto” per week after Trump “pardoned Binance’s proprietor”. 

Senator Elizabeth Warren went additional, alleging Zhao financed Trump’s stablecoin and lobbied for a pardon. Zhao’s authorized staff at BakerHostetler demanded a retraction and threatened authorized motion, calling the declare false and defamatory.

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