Binance, the world’s largest cryptocurrency exchange, has been revealed to be providing behind the scenes support for Trump family-owned crypto ventures.
This aid comes when Binance founder Changpeng Zhao (CZ) seeks generosity from US President Donald Trump.
According to three sources familiar with the issue, Binance wrote the software code underlying Stablecoin USD1, launched by the Trump family’s World Liberty Financial Inc. This technical support includes the development of a “smart contract” that governs the creation of USD1. The coin was used in the spring when the UAE-based investment company bought a $2 billion stake in Binance.
After more than two months of this major transaction, on-chain data shows that around 90% of the USD1 tokens in circulation are still held in Binance wallets. Interest income generated by these assets could generate tens of millions of dollars in the Trump family’s annual revenues. Binance has also introduced USD1 to its user base of 275 million. This is a privilege that is often coveted by Stablecoin publishers.
Therefore, testimony from those familiar with publicly available data and circumstances suggests that Binance was directly involved in the creation of USD1, promotion and the biggest deal ever. However, it remains unclear whether Binance or Zhao has received payments from the Trump family for the service.
A Binance statement said USD1 has gone through the exchange’s “standard list process.” CZ is no longer the CEO, and emphasized that the application for pardon is a “personal decision.” Zhao did not respond to requests for comment.
The White House declined to comment. A spokesman for World Freedom refused to elaborate on his relationship with Vinance, but said “Your allegation is baseless and is intended to feed a political agenda.”
It is unclear how the company first contacted it. However, two sources familiar with the issue claimed that CZ met with Trump’s associate and co-founder, Steve Witkov, at the Bitcoin Conference in Abu Dhabi in December. At the time, Zhao had just been released from federal custody after a brief sentence for violating anti-money laundering regulations, but Binance had paid more than $4 billion in fines to US authorities.
Witkov’s inner circle denied that the meeting took place. Witkov, previously appointed diplomat by Trump, is reportedly in the process of transferring his global freedom shares to his son. White House lawyer David Warrington said Witcoff managed the process according to ethics rules.
*This is not investment advice.
