Key Takeaways
- Binance founder, Changpeng Zhao (CZ), denies any connection between his presidential pardon application and an exchange agreement with Trump-linked World Liberty Financial.
In a recent turn of events, Binance [BNB] founder, Changpeng Zhao (CZ), has dismissed claims that he only sought a pardon from President Donald Trump after helping his crypto venture. 😜
He was responding to a Bloomberg report that alleged that Binance played a key role in creating the smart contract powering USD1, the stablecoin issued by Trump-backed World Liberty Financial (WLFI). 💸
Claims against Binance’s CZ
The USD1 was launched in March 2025 and has grown to be the fifth-largest stablecoin with a $2.2 billion market cap as of press time. 📈
Per the Bloomberg report, Binance not only created the stablecoin but also promoted it to its 275 million users. 🤯
The media outlet added that Abu Dhabi’s MGX invested $2 billion into Binance via the USD1 instead of a rival’s stablecoin. 💰
But the publisher noted that it was not clear whether World Liberty paid Binance or CZ to create the stablecoin. 🤷♂️
Of course, the accusations have reignited scrutiny around Zhao’s past legal troubles in the U.S. 🚨
He confirmed the pardon request, but rejected the timeline
In 2023, CZ and Binance were fined $50 million and $4.3 billion, respectively, for breaking U.S. anti-money laundering laws. In fact, CZ was forced to step down as CEO and was jailed for four months. 😱
But this was not the first time CZ has hit headlines for alleged partnerships with Trump. 😲
In May, the Wall Street Journal (WSJ) reported that the Trump family wanted a stake in Binance U.S. Zhao distanced himself from the report, calling it a ‘hit piece.’
Two other reports claimed that he had applied for a presidential pardon in May. He denied them, but later confirmed that he had applied for one after the reports. 😌
BNB market reactions
Naturally, the market didn’t ignore the drama. 😜
The update saw a slight dip in BNB market traction. Per Glassnode data, BNB Daily Active Addresses declined 5% to 1 million, and On-Chain Volume dumped 20% to $467M. 📉
Additionally, the Funding Rates remained flat, suggesting a cool-off into the weekend. At press time, BNB traded at $690, up 14% from June lows. 📈
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2025-07-13 01:15