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Binance Wrote Code for Trump Family’s Crypto Project
The world’s largest crypto exchange, Binance, provided support for a cryptocurrency project owned by the Trump family, and its founder, Changpeng Zhao (CZ), is now reportedly seeking a pardon from the U.S. president, Bloomberg reports, citing sources familiar with the matter.
According to three Bloomberg sources, Binance wrote the software code for the stablecoin USD1, launched by World Liberty Financial, a company owned by the Trump family. This stablecoin was central to a major $2 billion deal in spring 2025, where the UAE-based investment firm MGX acquired a stake in Binance.
Blockchain data shows that over $2 billion USD1 (approximately 90% of all issued tokens) remains on Binance wallets. According to Bloomberg, this could generate tens of millions of dollars annually for the Trump family. Binance also actively promoted USD1 among its 275 million users.
A Binance spokesperson declined to comment on the company's role in developing USD1, saying only that the coin followed a standard listing process. The company emphasized that Zhao’s decision to seek a pardon is personal, as he is no longer Binance’s CEO. CZ previously pleaded guilty to violating U.S. anti-money laundering laws and publicly stated his intention to request a presidential pardon from Trump.
Critics point to a potential conflict of interest since Trump is the only person able to grant CZ a pardon.
“Since the Civil War, we haven’t seen such a blatant conflict between the president’s personal financial interests and his official duties,” said Richard Painter, former chief ethics lawyer at the White House.
The White House declined to comment, while a World Liberty Financial representative called Bloomberg’s claims “inaccurate and politically motivated.”
Since taking office, Trump has actively supported the crypto industry and vowed to turn the U.S. into a “global crypto capital.” According to the Bloomberg Billionaires Index, crypto ventures have already earned him at least $620 million.
Bloomberg sources also report that CZ met with Steve Witkoff, one of World Liberty’s co-founders, in December 2024 in Abu Dhabi, shortly after Trump’s election victory. A Witkoff representative said he does not recall such a meeting.
In May 2025, after USD1 launched, MGX used it to acquire a stake in Binance, even though USDC from Circle was initially expected to be used. The decision to choose USD1 surprised even Circle’s representatives. Following this deal, Binance’s relationship with U.S. regulators improved significantly: in May, the SEC dropped its lawsuit against Binance, initially filed in June 2023.
Over $2 billion in USD1 remains on Binance wallets. Even with a 4% annual yield, the Trump family could earn around $30 million per year, according to documents reviewed by Bloomberg.
See also: "Binance Launches Special Cryptocurrency Staking for Muslims"
