TLDR
- Binance CEO Richard Teng denied that Binance selected USD1 stablecoin for MGX’s $2 billion investment deal, saying MGX made that decision independently.
- The deal uses USD1, a stablecoin from Trump family-backed World Liberty Financial, allowing the Trump business to profit from the transaction.
- White House press secretary Karoline Leavitt said CZ’s pardon went through a thorough DOJ and White House Counsel review process before Trump approved it.
- Trump claimed in a 60 Minutes interview he doesn’t know CZ personally, though CBS cut questions about corruption concerns from the broadcast.
- Bloomberg reported in July that Binance helped develop code for USD1, which CZ denied and threatened to sue over.
Binance CEO Richard Teng has denied claims that his company influenced the selection of a Trump family-backed stablecoin for a $2 billion investment deal. The denial comes as lawmakers scrutinize connections between the crypto exchange and President Donald Trump’s business interests.
On 60 Minutes, Trump defended his decision to pardon Binance founder CZ, saying he âdidnât know himâ and describing the prosecution as âa Biden witch hunt.â
He said he âknew nothing â of Binanceâs $2 billion stablecoin partnership connected to his familyâs business and⌠pic.twitter.com/UYo0Jfqlkj
— Crypto & Web3 Academy (@MoonRepublic_io) November 3, 2025
Teng told CNBC that Binance did not participate in the decision to use USD1 for the transaction. USD1 is the stablecoin launched by World Liberty Financial, a crypto venture backed by the Trump family.
The $2 billion investment came from MGX, an Abu Dhabi-based company. MGX announced the investment into Binance in March 2025.
According to Teng, MGX made the choice to use USD1 on its own. The Binance CEO stated that his company had no role in selecting which stablecoin would be used for the deal.
The transaction drew increased attention after Eric Trump spoke about it publicly. Eric Trump, one of President Trump’s sons and a co-founder of World Liberty Financial, confirmed the deal would be settled using USD1.
This arrangement allows the Trump family business to profit from the transaction. The setup has raised questions from US lawmakers about potential conflicts of interest.
White House Defends CZ Pardon Process
The scrutiny increased after President Trump pardoned former Binance CEO Changpeng Zhao on October 23, 2025. Zhao, known as CZ, had pleaded guilty to failing to maintain an effective Anti-Money Laundering program at Binance.
White House press secretary Karoline Leavitt addressed the pardon in a Tuesday briefing. She said the decision went through a thorough review process involving the Department of Justice and White House Counsel’s office.
Leavitt explained that Trump’s comments about not knowing CZ meant he doesn’t have a personal relationship with him. She emphasized that qualified lawyers reviewed the pardon request before it reached the president.
Trump defended the pardon in a 60 Minutes interview that aired Sunday. The president said he had no idea who Zhao was personally.
CZ had pleaded guilty in November 2023 to Bank Secrecy Act violations. He served a four-month prison sentence starting in April 2024 as part of a $4.3 billion settlement with US authorities.
Questions About Binance and World Liberty Financial
A July 2025 Bloomberg report suggested Binance helped develop code for the USD1 stablecoin. The report cited three unnamed sources familiar with the matter.
CZ responded to the Bloomberg report by hinting he might file a defamation lawsuit. Teng’s recent denial appears to address ongoing questions about Binance’s involvement with World Liberty Financial.
Connecticut Senator Chris Murphy criticized Binance.US in October for promoting Trump crypto. Massachusetts Senator Elizabeth Warren has also raised concerns about CZ’s relationship with the president.
Warren’s allegations prompted another threat of legal action from CZ. The former Binance CEO has consistently denied improper ties to the Trump administration.
CBS cut portions of Trump’s 60 Minutes interview from the broadcast. In an unaired section, interviewer Norah O’Donnell asked Trump about corruption concerns related to the pardon.
Trump responded that he would rather not address the question. He then pivoted to discussing crypto’s importance to US industry and competition with China
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