Binance.US's Statement on Trump-Linked Stablecoin

Binance.US responded to political criticism regarding the listing of the Trump-associated stablecoin USD1 on its platform. The cryptocurrency exchange claimed that this decision was made purely for 'business reasons' and noted that USD1, which is traded on many exchanges in the U.S., was listed in accordance with a prior decision.

Democratic Senator Chris Murphy criticized Binance.US for listing USD1 just a week after former President Donald Trump pardoned the exchange's founder Changpeng Zhao (CZ). Murphy stated in a post on the X platform, “Just one week after Trump pardoned the Binance owner facing charges of terrorism and sexual crimes, the exchange starts listing Trump's cryptocurrency.”

In response, Binance.US emphasized that USD1 and World Liberty Financial (WLFI) assets are traded on more than 20 exchanges, including Coinbase, Robinhood, and Kraken. The exchange explained that this listing was a commercial decision. “Unfortunately, even routine business decisions are now included in political debates,” it added. USD1 is a stablecoin pegged to the U.S. dollar and issued by World Liberty Financial, which is connected to the Trump family. With an approximate $2.97 billion market cap, USD1 is the sixth-largest stablecoin in the world.

Trump's pardon of Zhao has been sharply criticized by Democratic lawmakers. Maxine Waters argued that this pardon was a result of Zhao’s lobbying efforts with the Trump family. “Trump is giving huge breaks to crypto criminals who line his pockets,” she commented. It was also noted that Changpeng Zhao paid a $50 million fine and served 4 months in prison in 2023 for neglecting money laundering prevention measures. Released in 2024, Zhao stated after the pardon, “We will do everything we can to make America the capital of crypto.”