Binance.US has officially denied US Senator Chris Murphy's accusations that the exchange favors politics, after listing the stablecoin USD1 - a digital currency issued by World Liberty Financial, a company linked to President Donald Trump.
The incident began on October 29, when Democratic Senator Chris Murphy posted on social network X (formerly Twitter) that Binance.US listing USD1 was a “return gift” to President Trump, after he granted amnesty to Binance founder – Changpeng Zhao (CZ) last week.
“Just a week after Trump pardoned Binance’s owner — who was convicted of a series of charges related to terrorism financing and sex crimes — Binance began promoting a Trump-branded cryptocurrency,” Murphy wrote.
However, Binance.US was quick to respond, asserting that the listing of USD1 and WLFI (World Liberty Financial’s Token ) had long been approved by its internal review committee in the normal course of business, and had nothing to do with political factors or President Trump’s pardon.
“It should be made clear that this was an independent business decision, with no political implications,” a Binance.US representative told X. “It is unfortunate that even routine business decisions are unfairly politicized by some officials.”
According to market data, USD1 is currently the world's sixth-largest stablecoin, Peg to the US dollar with a market Capital of around $2.97 billion. The coin has been listed on more than 20 major US exchanges, including Coinbase, Robinhood and Kraken – not just Binance.US.
President Donald Trump, who is re-elected in late 2024 and is currently in his new term, has strongly promoted the development of the stablecoin industry in the US. He once said that the US needs to become the “global cryptocurrency capital”, with the goal of attracting Capital flows and blockchain technology innovation.
However, his political opponents, especially in the Democratic Party, have criticized the Trump family's connection to World Liberty Financial, arguing that this is a clear conflict of interest, as the President both supports the policy of developing stablecoins and has a personal relationship with a company that issues this currency.
