Binance CEO Richard Teng Denies Favoring Trump-Linked Stablecoin Amid $2B Deal Scrutiny

Benzinga

Binance CEO Richard Teng denied allegations that the exchange favored USD1, a Trump-backed stablecoin, ahead of Changpeng Zhao’s pardon. Teng said MGX’s $2 billion investment using USD1 was independent of Binance. Reports claim Binance supported the coin’s development, while Trump-linked entities hold WLFI tokens through World Liberty Financial.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Finance CEO Richard Tang rejected claims that the exchange boosted a Trump-backed stable

00:07coin before the presidential partner of former CEO Shane Peng Dao, according to CNBC.

00:12Tang said a $2 billion investment from Abu Dhabi's MGX settled using USD1, a stable

00:17coin created by Trump's World Liberty Financial. It was MGX's decision, not Binance's. He

00:22denied giving USD1 preferential treatment, noting it was already listed elsewhere.

00:26Wall Street Journal reported that Binance helped settle MGX's investment using USD1 and

00:31assisted in developing the stable coin's technology. It also said World Liberty Financial benefited

00:35from USD1's listing on Binance and its partnership with PancakeSwap, a platform linked to Binance.

00:41World Liberty Financial's website says DT Mark's DeFi LLC and members of the Trump family

00:46receive major revenue shares in old WLFI tokens, generating massive profits. It adds that Trump,

00:52his family, and their firms are not officers, directors, or operators of the company or its

00:57affiliates. For all things money, visit Benzinga.com.

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