According to Bloomberg, Binance, the world's largest cryptocurrency exchange, has revealed that it is providing behind-the-scenes support for a cryptocurrency venture owned by the Trump family. This assistance comes at a time when Binance founder Changpeng Zhao (CZ) is seeking clemency from U.S. President Donald Trump.
According to three close sources, Binance wrote the underlying software code for the USD1 stablecoin, launched by the Trump family's World Liberty Financial Inc. This technical support included the development of "smart contracts" governing the issuance of USD1. This currency was used in the spring when an investment firm based in the United Arab Emirates acquired $2 billion worth of Binance shares.
More than two months after this major transaction, approximately 90% of the circulating USD1 tokens are still held in Binance wallets, according to on-chain data. The interest income from these assets could bring tens of millions of dollars in annual revenue to the Trump family. Binance also introduced USD1 to its 275 million users, a privilege that stablecoin issuers often covet.
Therefore, public data and testimonies from those familiar with the situation indicate that Binance was directly involved in the creation, promotion, and trading of the largest transaction to date worth $1. However, it remains unclear whether Binance or Zhao received any payment from the Trump family for this service.
Binance's statement said that USD1 underwent a "standard listing process" of the exchange. The statement emphasized that CZ is no longer CEO and that the pardon request is a "personal decision." Zhao did not respond to requests for comment.
The White House declined to comment. A spokesperson for World Liberty declined to elaborate on the relationship with Binance but stated, "His allegations are unfounded and intended to serve a political motive."
It is unclear how the two companies first made contact. However, two close sources indicated that CZ met with Steve Witkoff, an associate of Trump and co-founder of World Liberty, at a Bitcoin conference in Abu Dhabi in December. At that time, Zhao had just been released from federal prison after a short sentence for violating anti-money laundering regulations, while Binance had paid over $4 billion in fines to U.S. authorities.
A member of Witkoff's close-knit team denied that the meeting took place. Witkoff, who was previously appointed by Trump as a diplomat, is said to be in the process of transferring his shares in World Liberty to his sons. White House advisor David Warrington stated that Witkoff managed this process in accordance with ethical rules.