Binance CEO Addresses Controversy Over Trump-Linked Stablecoin and MGX Investment
On November 4, 2025, Binance CEO Richard Teng publicly denied allegations suggesting that Binance facilitated or promoted the Trump-linked stablecoin USD1 before former CEO Changpeng Zhao (CZ) received a presidential pardon. The stablecoin, USD1, was created by World Liberty Financial, a crypto venture linked to the Trump family.
Reports indicated that the $2 billion investment from MGX, Abu Dhabi's state-owned investment firm, was settled using USD1. However, Teng emphasized that the choice to use USD1 for this transaction was made solely by MGX, and Binance had no role in endorsing or promoting this stablecoin.
This clarification comes amid growing controversy surrounding CZ's pardon, which was enacted despite his previous guilty plea on charges related to money laundering and implicated corruption accusations involving Binance and Trump-affiliated businesses. Some lawmakers, including Senator Elizabeth Warren, have voiced concerns about potential corruption and undisclosed connections between Binance and Trump-linked ventures.
Additionally, former CEO Changpeng Zhao continues to hold a significant share in Binance even after stepping down from his CEO position. President Trump characterized Zhao's pardon as a request by "very good people," although he did not provide detailed information about Zhao or the reasons behind the pardon.
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