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- Binance.US denies political bias in USD1 stablecoin listing.
- Senator Murphy accuses Binance of political payback for Trump’s pardon.
- Binance emphasizes USD1 listing as a routine business decision
Binance.US has firmly dismissed claims that its decision to list USD1, a stablecoin issued by Trump-linked World Liberty Financial, was politically motivated. The allegations surfaced after Democratic Senator Chris Murphy accused the exchange of using the listing as a form of political payback. The claims by Murphy were made after former President Donald Trump recently pardoned Binance founder Changpeng Zhao.
Murphy went to social media with the idea that Binance listing USD1 was connected to the pardon given to Zhao by Trump. He suggested that the promotional deal of the stablecoin was a gift to Trump, given that Zhao was facing criminal charges of terrorist funding and exploitation. The senator criticized the timing of the listing, raising concerns about a potential political exchange.
To this, Binance.US released a statement denying the claims. The trading highlighted the fact that listing USD1 and World Liberty Financial was a normal business decision, made in accordance with their standard business practices.
As Binance.US noted, USD1 and WLFI have already been traded on more than 20 additional exchanges, including large exchanges such as Coinbase, Kraken, and Robinhood. The company emphasized that its listing committee had reviewed and approved the assets much earlier, before the pardon was offered.
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Political Debate Surrounds Trump’s Involvement in Stablecoin Sector
The Binance scandal regarding the listing of USD 1 has sparked ongoing political discussion about the association between former President Trump and World Liberty Financial. Critics argue that Trump’s involvement in the stablecoin market could present conflicts of interest. The sheer fact that Trump has been pushing USD1 and its development in the sector has cast doubts on the morality of his actions.
Zhao and legal problems have also contributed to this debate. Later in 2023, he admitted to violating ineffective anti-money laundering policies, which resulted in a settlement with the U.S. government. Binance was fined more than $4.3 billion, and Zhao himself was fined $50 million. Nevertheless, despite the scandals, Zhao has demonstrated his gratitude to Trump, as evidenced by his plans to continue working on cryptocurrencies and Web3 in the U.S.
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