Binance CEO Richard Teng has rejected claims that the exchange played a role in selecting USD1— a stablecoin launched by the Trump family’s World Liberty Financial — for a $2 billion investment transaction involving Abu Dhabi-based MGX. Speaking to CNBC, Teng said MGX alone chose the settlement currency and Binance “didn’t partake in that decision.”
The investment was announced in March but became politically charged after President Donald Trump issued a pardon to Binance founder Changpeng Zhao in October. Zhao had pleaded guilty to U.S. charges linked to Binance’s AML violations and the exchange’s $4.3 billion settlement last year.
Lawmakers including Senators Elizabeth Warren and Chris Murphy have raised concerns about perceived favoritism toward crypto allies, suggesting political links between the Trump administration and Binance. Binance has threatened legal action against such allegations. The exchange emphasizes that it did not influence the use of USD1 in the MGX transaction.
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