After the pardon issued by President Donald Trump Changping Zhao (CZ)co-founder and former CEO of Binance, criticism has mounted among Democratic lawmakers.
Allegations of political redemptions have emerged, particularly in light of Binance.US' recent listing of USD1, a stablecoin linked to the Trump family and part of the DeFi platform World Liberty Financial (WLFI).
Binance's Alleged Role in Trump Family's Cryptocurrency Profits
Senator Chris Murphy recently took to social media to voice his concerns, It helps“One week after Trump pardoned Binance owner for a dizzying array of crimes related to financing terrorists and sexual predators, Binance has begun promoting Trump’s cryptocurrencies. The White House is a full-time, 24/7 corruption machine.”
In response to these allegations, Binance.US issued a statement statement Addressing Murphy's comments. The exchange confirmed that it conducts due diligence and comprehensive legal reviews before listing any asset, whether a stablecoin or a new project.
They explained that both USD1 and WLFI are already listed on more than 20 major exchanges, including US platforms such as Coinbase (COIN), Robinhood (HOOD), and Kraken.
Binance.US reiterated that the decision to list these assets was purely commercial, and was devoid of anything Political motives. “It is unfortunate that even routine business decisions are now being unfairly politicized by our elected officials,” the statement noted.
Amid these developments, reports have emerged suggesting that Binance may have had political ties to Trump, and allegedly helped the Trump family's cryptocurrency project make significant profits shortly before the pardon was granted.
The World Freedom Organization denies its involvement in the amnesty discussions
According to According to The Independent, Binance allegedly helped World Liberty Financial raise billions and even created a “high-level task force” to negotiate a deal with the Trump-affiliated venture.
World Liberty denied any pardon discussions, with its lawyer, Tom Clare, stating that the company “did not assist, facilitate or influence a decision on a presidential pardon for Mr. Chow.”
The company expressed its support for Chao's pardon, with spokeswoman Jill Getcho stating that “everyone who was a victim of Joe Biden's law war has rightly been pardoned.”
Wayne F. Dennison, a lawyer for Binance, confirmed that there was “no wrongdoing” and explained that the company “does not control Stable coin Selected by MGX.”
Last week, Trump noted that the pardon was granted “at the request of a lot of very good people,” though the dimensions of the decision raised concerns among some within his administration.
White House press secretary Carolyn Leavitt also addressed the situation, noting that neither Trump nor his family were involved in a conflict of interest, or would ever be involved in it.
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