Binance Responds to Charges of Supporting Trump USD1 & WLFI

In response to charges of supporting Trump projects, such as WLFI and its native stablecoin USD1, the Binance exchange has stated that it is a purely business decision with no political ties.

Soon after creator Changpeng Zhao (CZ) was pardoned, US legislators began accusing cryptocurrency exchange Binance of backing Trump family projects, including World Liberty Financial (WLFI) and its native stablecoin USD1. In response to these new attacks, the cryptocurrency exchange has stated that it is a purely “business decision” with no political overtones. The latest round of assaults follows reports that CZ is going back to his firm and the Trump administration's subsequent prison pardon last week.

Binance Exchange Responds to Senator Chris Murphy

In response to remarks made by US Senator Chris Murphy about its recent token listings, Binance has released a statement. The USD1 stablecoin, the native stablecoin of the Trump family enterprise World Liberty Financial, was made available for deposits five days after Changpeng Zhao was pardoned on October 23 by the US branch of the cryptocurrency exchange. Chris Murphy, a US senator from Connecticut, responded to this news by saying:

“One week after Trump pardoned Binance’s owner (for a stunning array of crimes related to terrorist and sex predator financing), Binance starts promoting Trump crypto. The White House is a full time, 24/7 corruption machine”.

The exchange stated that it goes through “comprehensive due diligence and legal review” in response to these accusations. Both USD1 and WLFI are currently available on over 20 major exchanges, including Coinbase, Robinhood, and Kraken, according to BinanceUS. As a result, the exchange described it as a typical business move and stated that their core committee had already approved the listing.

Binance expressed worry that “even routine business decisions are now being unfairly politicized by elected officials” and characterized the listings as “purely business decisions.” Changpeng Zhao, the creator, has filed a defamation lawsuit against Senator Elizabeth Warren in response to her recent accusations of fraud.

WSJ Cites the Trump & CZ Family Agreements

According to the most recent WSJ article, Changpeng Zhao's representatives allegedly initiated discussions with Donald Trump's supporters throughout the election season in an attempt to resolve Binance's lingering legal issues in the US. According to people with knowledge of the situation, one suggestion made during the talks was a possible commercial partnership with a Trump family company. Although he has rejected any such development, recent events have raised rumors that CZ will rejoin Binance.

In an attempt to gain preferential consideration for Zhao, insiders further claim that Binance formed a senior task team after Trump's victory to establish a collaboration with the Trump family's new cryptocurrency venture, World Liberty Financial.