Connecticut Senator Chris Murphy is criticizing Binance.US, accusing the cryptocurrency exchange of playing a role in the pardon of former Binance CEO Changpeng Zhao "CZ" by U.S. President Donald Trump.
In a post on X on Tuesday, Murphy responded to Binance.US's announcement of the launch of the USD1 trading pair, which is a stablecoin associated with the Trump family's cryptocurrency company, World Liberty Financial. According to the senator, the exchange began "promoting Trump's cryptocurrency" just a week after the president "pardoned the owner of Binance" (referring to Zhao).
Trump's pardon of Zhao on October 23 sparked debate within the crypto community and Congress. Although CZ stated in May that he had applied for a presidential pardon, many questioned whether Trump or his family were responding to economic incentives, including a $2 billion investment in Binance by an Abu Dhabi company using the USD1 stablecoin.
In a response posted on X on Wednesday, Binance.US stated that it conducts "comprehensive due diligence and legal review […] before listing any asset, whether it be a stablecoin, new ecosystem project, or meme token."
The exchange added, "USD1 and WLFI have not only been listed on over 20 major exchanges […] but these assets have also been approved by our listing committee in the normal course of business for some time." Binance.US continued to state:
While Binance and Binance.US share the same name, the two companies are independent legal entities. Cointelegraph has reached out to Binance.US and Murphy's office for comments but has not received a response as of publication.
Several members of the House and Senate have called for an investigation into the pardon of CZ or otherwise criticized the move. In a letter to the Department of Justice on Tuesday, seven senators stated that the pardon "sends a signal to cryptocurrency executives and other white-collar criminals that they can commit crimes without fear of punishment."
On Monday, California Congressman Ro Khanna announced plans to introduce legislation prohibiting any U.S. president, their family members, and members of Congress from trading cryptocurrencies or stocks. He specifically mentioned Zhao's pardon, claiming it was "blatant corruption" from the White House.
Related: "New York Post": Zhao Changpeng (CZ) considers suing U.S. senators over money laundering allegations
Original article: “U.S. Senator Questions Binance.US's Launch of Trump-Related Stablecoin USD1 After CZ's Pardon”
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