Binance.US defends USD1 listing after Sen. Murphy’s claim
Binance.US on Wednesday defended its decision to list USD1, calling it a routine business action, after Sen. Chris Murphy alleged the listing was payback for President Donald Trump’s pardon of Binance founder Changpeng Zhao last week.
U.S. exchange noted that listings for USD1 and World Liberty Financial’s WLFI token had been cleared earlier by its listing committee through the ordinary course of business.
The company added that USD1 and WLFI already trade on more than 20 U.S. platforms, naming Coinbase, Robinhood and Kraken, and described its process as independent of politics.
USD1 is a dollar-pegged stablecoin issued by World Liberty Financial, a venture linked to Trump and his family. It ranks sixth among stablecoins globally with a market value near $2.97 billion.
Political opponents have criticized Trump’s ties to World Liberty Financial, citing potential conflicts as his administration promotes growth in U.S. dollar stablecoins. Rep. Maxine Waters, in an official statement, argued that Zhao had lobbied Trump and his family while “funneling billions” into World Liberty Financial and called the pardon improper.
The company added that USD1 and WLFI already trade on more than 20 U.S. platforms, naming Coinbase, Robinhood and Kraken, and described its process as independent of politics.
“To be clear, this was a business decision on the part of Binance.US and nothing more. It’s unfortunate that even routine business decisions are now unfairly politicized by our elected officials,”the exchange wrote.
Political opponents have criticized Trump’s ties to World Liberty Financial, citing potential conflicts as his administration promotes growth in U.S. dollar stablecoins. Rep. Maxine Waters, in an official statement, argued that Zhao had lobbied Trump and his family while “funneling billions” into World Liberty Financial and called the pardon improper.
Zhao pleaded guilty in 2023 to failing to maintain an effective anti-money-laundering program as part of a broader deal in which Binance pleaded guilty to criminal charges and agreed to pay more than $4.3 billion in penalties.
He paid a $50 million fine, served a four-month prison term, and was released last year. After the pardon, Zhao thanked Trump on X and pledged to help “make America the Capital of Crypto.”
As GNCrypto wrote previously, Senate Democrats led by Sen. Adam Schiff pressed President Trump’s Middle East envoy Steve Witkoff over holdings tied to World Liberty Financial and the USD1 stablecoin.
They questioned why divestment had not occurred, noted Abu Dhabi’s MGX pledged $2 billion to Binance in USD1, and sought details on recusals, divestment plans and conflict-of-interest safeguards.
He paid a $50 million fine, served a four-month prison term, and was released last year. After the pardon, Zhao thanked Trump on X and pledged to help “make America the Capital of Crypto.”
As GNCrypto wrote previously, Senate Democrats led by Sen. Adam Schiff pressed President Trump’s Middle East envoy Steve Witkoff over holdings tied to World Liberty Financial and the USD1 stablecoin.
They questioned why divestment had not occurred, noted Abu Dhabi’s MGX pledged $2 billion to Binance in USD1, and sought details on recusals, divestment plans and conflict-of-interest safeguards.
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