Binance CEO Richard Teng has refuted allegations that the cryptocurrency exchange supported a Trump-backed stablecoin prior to former CEO Changpeng Zhao (CZ) receiving a presidential pardon.

The controversy surrounds a $2 billion investment from Abu Dhabi’s state-owned firm MGX to Binance, which was transacted using USD1 — a stablecoin created by the Trump family’s crypto venture, World Liberty Financial. Critics argue the move may have influenced Zhao’s pardon.

In a CNBC interview, Teng dismissed the accusations, clarifying that Binance had no role in MGX’s decision to use USD1. “That was decided by MGX. We didn’t partake in that decision,” he said, emphasizing that USD1 was already available on other exchanges before Binance listed it.

The Wall Street Journal reported that Binance allegedly helped build the stablecoin’s technology, a claim the company denies. The report intensified scrutiny over Binance’s ties to Trump-linked ventures, with U.S. lawmakers like Sen. Elizabeth Warren accusing both parties of corruption.

Despite the controversy, Teng expressed gratitude toward the Trump administration for Zhao’s pardon and its favorable stance on cryptocurrency regulation, stating that Binance remains committed to transparency and global compliance.