According to Bloomberg, Binance has provided technical support for the USD1 cryptocurrency project owned by the Trump family. This comes as Binance founder Changpeng Zhao (CZ) seeks clemency from the U.S. administration.
Binance's Technical Support for USD1
Three sources indicate that Binance developed the underlying software code for the stablecoin USD1 launched by World Liberty Financial Inc., a company owned by the Trump family. This technical support included the development of the smart contract governing the creation of USD1.
Reactions from Binance and the Trump Family
Binance stated that USD1 underwent the 'standard listing process.' A representative for World Liberty dismissed the allegations as baseless and politically motivated. It remains unclear whether Binance or Zhao received any payment from the Trump family.
Contact Between Binance and the Trump Family
The contact between Binance and the Trump family reportedly began at a Bitcoin conference in Abu Dhabi, where CZ allegedly met with Steve Witkoff, a co-founder of World Liberty. Witkoff, previously appointed by Trump, is in the process of transferring his shares in World Liberty to his sons, although a member of his inner circle denied the meeting took place.
Thus, the interaction between Binance and the USD1 project raises questions about the implications for both parties. This situation highlights key aspects regarding the role of major cryptocurrency exchanges in private investment initiatives.
