Binance CEO Denies Promoting Trump’s USD1 Before CZ Pardon

Highlights:

• Binance CEO says exchange did not support Trump family-linked USD1 token for CZ pardon.
• He emphasized that the platform evaluates all projects fairly, without giving special treatment.
• Critics say the pardon may weaken rules against money crimes and crypto oversight.

Richard Teng, chief executive of Binance, rejected claims that the crypto exchange gave special treatment to a coin linked to former President Donald Trump’s family to secure a pardon for the company’s ex-boss, Changpeng Zhao. The controversy revolves around a $2 billion deal with MGX, an Abu Dhabi government-owned investment firm.

MGX executed the deal entirely using USD1, a digital token developed by World Liberty Financial, which is affiliated with the Trump family. The move caused USD1’s trading volume and reputation to surge sharply on the platform, which raised questions among reporters and lawmakers about whether it influenced Trump’s pardon of Zhao.

Trump pardoned founder of Binance because he is in business with him concerning Trump crypto company which added billions to Trump’s wealth in 9 months.

Meanwhile,Trump pretends to know nothing about him or the pardon.

Most corrupt administration ever.pic.twitter.com/IgtiwY3VZF

— Maine (@TheMaineWonk) November 4, 2025

Teng Denies Binance’s Involvement in MGX’s USD1 Deal

On CNBC Monday, Teng clarified, “First of all, the usage of USD1 [for the] transaction between MGX as a strategic investor into Binance, that was decided by MGX … We didn’t partake in that decision.” He added that several exchanges had listed USD1 before Binance and that the platform often evaluates new projects without bias. “Sometimes it works out. Sometimes it doesn’t. In the case of USD1, I’m glad that both parties worked it out,” Teng said.

On October 23, Donald Trump granted a pardon to Binance founder Changpeng Zhao, also known as “CZ.” He is a billionaire and a prominent figure in the cryptocurrency industry. Zhao served a four-month prison term, and authorities released him in September last year. In 2023, he pleaded guilty to failing to maintain an effective anti-money laundering program. Zhao paid a $50 million fine, and Binance, the exchange he co-founded, agreed to a $4.3 billion settlement.

Lawmakers Criticize Pardon and Seek Clarification

The pardon drew criticism from lawmakers and industry leaders. Senator Elizabeth Warren called it “corruption” in an October 23 post on X. Zhao’s lawyer, Teresa Goody Guillén, accused Warren of defamation and demanded a retraction. Warren’s attorney, Ben Stafford, rejected the claim, saying any lawsuit would have “no basis.” He added that Zhao’s conviction under the Bank Secrecy Act is public record, making Warren’s statement entirely accurate.

CZ pleaded guilty to a criminal money laundering charge and was sentenced to prison.

But then he financed President Trump’s stablecoin and lobbied for a pardon.

Today, he got it.

If Congress does not stop this kind of corruption, it owns it. pic.twitter.com/NsWeaJcVeK

— Elizabeth Warren (@SenWarren) October 23, 2025

On October 29, seven Senators, including Warren and Sanders, wrote in a letter that the pardon could weaken financial crime enforcement. They asked the DOJ and Attorney General Bondi to clarify Zhao’s ties to Trump and Binance.

On Sunday, President Trump said in an interview that he has no personal connection with CZ, despite pardoning him. He said, “I don’t know who he is,” calling the case a “Biden witch hunt.” About Binance’s $2 billion deal linked to his family, Trump said he wasn’t aware, as he’s too busy. He added that his sons actively manage their own businesses, participate in crypto, and have no role in the government.

See President Donald J. Trump's FULL interview on @60Minutes — all 73+ minutes, without the network's edits and cuts.

WATCH IN FULL: pic.twitter.com/i95cQ3Gqei

— Rapid Response 47 (@RapidResponse47) November 3, 2025