#Binance Exchange's MGX and World Liberty Financial's USD1 business deal involving false TRUMP ties CZ has terminated.
Binance founder Changpeng 'CZ' Zhao recently addressed false reports linking the TRUMP digital coin to a $2 billion investment deal involving Abu Dhabi's MGX and Binance.
Rumors suggested that #TRUMP tokens played a role in the transaction. However, CZ has clarified the facts, set the record straight, and cleared up any confusion regarding the contract.
Binance founder corrects false report
In his latest post on X, Changpeng Zhao responded to the misinformation surrounding the $2 billion MGX investment in Binance.
Contrary to some reports, the transaction was completed using the USD1 stablecoin, which is unrelated to the Trump digital coin.
CZ emphasized that the transaction was between a private investor and Binance, an Abu Dhabi-based entity.
Payments can be made in any currency the payer chooses, such as Bitcoin, AED, USD, or USD1, he added.
He explained that after receiving the funds, it is at the discretion of the recipient to convert them into other currencies as per market conditions. I should change.
Zhao also mentioned Binance's reputation for having excellent global liquidity, facilitating such large transactions.
CZ's statement was intended to clear the air and dispel misleading claims linking TRUMP memecoin to the deal.
Against some critics, he recently refuted the idea that exchange listings affect the price of crypto.
Prior to the clarification, many believed that a listing on top crypto exchanges could set the token up for a major breakout.
World Liberty Financial and Binance Relationship
The USD1 stablecoin used in the MGX investment is issued by World Liberty Financial (WLFI), a firm linked to the Trump family.
The relationship has drawn scrutiny, especially since the Trump family is reportedly considering a stake in the exchange's American arm, Binance US.
Reports have surfaced that Binance has entered into talks with Trump allies in 2024 to strike a deal to revive Binance US.
Nevertheless, CZ denied being involved in any such deal or talks about seeking a presidential pardon.
The use of the USD1 stablecoin in major investments like the MGX deal has raised questions about the growing relationship between World Liberty Financial and crypto exchanges.
However, CZ maintains that the stablecoin is just one of many currency options available for transactions and does not imply deep involvement.
President Donald Trump and the Controversial Crypto Ties
It is worth noting that the relationship between Binance, the Trump family, and the crypto market has caught the attention of US lawmakers.
That Democratic senators, including Elizabeth Warren and Chris Van Hollen, asked the Treasury and Justice Departments to investigate the entities' connections.
The plan was to shed light on Binance’s ties to the Trump family. This comes after Binance faced regulatory problems and fines for anti-money laundering violations.
Unfortunately, the role of Trump-aligned World Liberty Financial in issuing the USD1 stablecoin, which was part of the MGX deal, complicates the claims.
#Binance #TRUMP #CryptoNewss