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Binance Founder Refutes TRUMP Coin Link to $2B MGX Investment
By: cryptofrontnews|2025/05/16 13:30:06
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Binance’s $2B deal with MGX was completed using USD1, not the TRUMP token, despite circulating misinformation.CZ confirmed that Binance transactions accept multiple currencies, and recipients can later convert based on conditions.The use of USD1 stablecoin, issued by a Trump-linked firm, does not reflect direct involvement in Binance operations.Changpeng Zhao, founder of Binance, has dismissed recent reports connecting the TRUMP digital coin to a $2 billion investment involving Binance Abu Dhabi and Abu Dhabi-based firm MGX. The rumors suggested the TRUMP memecoin was used in the transaction, prompting Zhao to publicly correct the information through a post on X.Zhao confirmed that the payment was processed using the USD1 stablecoin and had no link to the TRUMP token. He explained that the MGX investment was a private deal between an investor and the Binance Abu Dhabi entity. He added that payments can be made in several currencies, including Bitcoin, AED, USD, or USD1, depending on the payer’s preference.Receiver Determines Currency Use Post-TransactionAfter receiving funds, Zhao noted, the receiving party has the right to convert the payment into other currencies based on market conditions. He pointed out Binance’s global liquidity as a key factor that enables such high-value transactions to take place smoothly without reliance on any specific token.Although the stablecoin used in the transaction was USD1, issued by World Liberty Financial, a company reportedly linked to the Trump family, Zhao clarified that its use does not imply deeper political or business affiliations. He emphasized that the presence of USD1 in the transaction does not equate to involvement from the Trump family or suggest influence on the deal.No Exchange Influence or Political Dealings, Says CZZhao also responded to broader claims that suggested Binance may have engaged with Trump allies to revive Binance US or to negotiate political favors. He firmly denied any such involvement. These allegations arose following regulatory scrutiny and past penalties faced by Binance on anti-money laundering grounds.This development comes amid heightened attention from U.S. lawmakers. Some members of Congress have called for investigations into connections between Binance and the Trump family. However, Zhao reiterated that Binance remains neutral and follows standard business practices in all transactions.The post Binance Founder Refutes TRUMP Coin Link to $2B MGX Investment appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
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