based on materials from the site - By Cryptopolitan_News
Bloomberg claims that cryptocurrency companies and projects linked to the Trump family may have received 'behind-the-scenes' support from Binance, the world's largest cryptocurrency exchange, months before its founder Changpeng Zhao, known as 'CZ', publicly applied for a presidential pardon.
According to an exclusive Bloomberg report on Friday, details of the agreement were previously undisclosed. However, it is claimed that Binance developed the foundational smart contract for USD1, a stablecoin issued by the Trump-linked company World Liberty Financial Inc.
Three sources familiar with the situation told Bloomberg that Binance was responsible for the source code that allowed USD1 to be released. The fund allowed USD1 to be used for investments in Binance totaling $2 billion, which was invested by the UAE-based company MGX.
Blockchain data examined by Bloomberg showed that Binance wallets hold over $2 billion in USD1, accounting for about 90% of the total token supply. The assets backing this amount could yield tens of millions of dollars annually.
According to the token issuance prospectus, the Trump family may be entitled to receive approximately $30 million annually from interest income on the reserves.
A Binance representative stated that USD1 'followed standard exchange listing procedures.' They added that Zhao's pardon request 'is personal,' reminding the public that he is no longer the CEO.
In an interview on the Farokh Radio podcast, Zhao admitted that he applied for a pardon: 'If they are writing this article, I can just officially apply.'
In 2023, the former CEO pleaded guilty to money laundering charges and was sentenced to a brief term in a correctional facility in Long Beach, California. Binance paid over $4 billion in fines after U.S. authorities found that the platform facilitated illegal financial flows from 'terrorists, cybercriminals, and individuals violating children's rights.'
A representative from World Liberty, responding to detailed inquiries, completely denied these accusations: 'Your claims are factually unfounded and aimed at advancing a political agenda,' they suggested.
Judging by the accusations, President Donald Trump is both a financial beneficiary and the only person capable of pardoning Zhao.
"We've not seen anything like this since the Civil War: a president whose personal financial interests conflict with his official duties," said Richard Painter, former chief ethics advisor under President George W. Bush. "We haven't had anything even close to this." The Trump administration insists that the president has no conflict of interest as his business assets are held in a trust managed by his eldest son, Donald Trump Jr. An ethics agreement published before Trump took office in January states that the president only receives 'general business updates,' not 'reports on the performance of any specific business or asset.'
According to Bloomberg estimates, cryptocurrency projects associated with Trump have increased his fortune by at least $620 million in just a few months.
Two Bloomberg sources reported that Zhao met with World Liberty co-founder Steve Witkoff at a Bitcoin conference in Abu Dhabi in December 2024, shortly after Trump's election victory and Zhao's release from supervision.
However, a person close to Witkoff denied that the meeting took place, stating that he 'doesn't remember it.'
Witkoff is a longtime ally of Trump and a developer currently serving as a special envoy in the Middle East under the Trump 2.0 administration.
David Warrington, White House counsel, stated that Witkoff 'is cooperating with ethics officials and attorneys, including all necessary legal steps for the sale' and will transfer his share in World Liberty to his adult sons.
By mid-March, Bloomberg reported that Binance and World Liberty were negotiating the development of a new stablecoin. Around the same time, the Wall Street Journal published an article stating that Zhao was asking the Trump administration for a pardon.
$XRP , $BNB , $SOL
In our group (!), we generally have those (subscribers!) who, in search of fresh and relevant news, do not want to browse through dozens of different websites and news publications, but can afford to read all the most interesting things in one news feed!!! 😉
enjoy your viewing!!! 😊
