TechFlow news, November 4 — According to CNBC, Binance CEO Richard Teng denied allegations that the exchange helped promote Trump-related stablecoins before former CEO Changpeng Zhao received a presidential pardon.
The controversy stems from Binance's $2 billion investment received from Abu Dhabi-based MGX, which was settled using USD1, a stablecoin created by World Liberty Financial, a cryptocurrency firm linked to the Trump family. Binance later listed USD1 on its platform, boosting the stablecoin's usage and credibility.
Teng said in an interview that the decision to use USD1 for the transaction was made solely by MGX, and Binance did not participate in that decision. He emphasized that USD1 had already been listed on other exchanges prior to Binance, and that Binance regularly collaborates with promising new projects.
