Binance.US defended listing Trump family-backed cryptocurrencies on Wednesday in response to Sen. Chris Murphy’s (D-CT) accusation that the firm was repaying favors following Changpeng “CZ” Zhao’s presidential pardon.
Binance.US Says Listing After ‘Due Diligence’
Binance.US said in a X post that the listing of World Liberty Financial USD (USD1) and World Liberty Financial (WLFI) token was a “routine business decision.”
“We conduct comprehensive due diligence and legal review before listing any asset on Binance.US, whether it's a stablecoin, a new ecosystem project, or a meme token,” the platform, which operates separately from the global Binance (CRYPTO: BNB) exchange, said.
It also mentioned that these assets have already been listed on major U.S.-based platforms, including Coinbase, Robinhood and Kraken.
Senator Accuses White House Of Corruption
The clarification comes after Murphy alleged a quid pro quo arrangement in which Binance.US is promoting tokens tied to President Donald Trump after the pardon of CZ.
Murphy accused CZ of committing crimes related to “terrorist and sex predator financing” and labeled the White House a “24/7 corruption machine.” Benzinga reached out to the Senator’s office regarding the basis of these allegations.
CZ pleaded guilty to violating the Bank Secrecy Act, a law that requires financial institutions to help U.S. government agencies detect and prevent money laundering, in 2023.
See Also: Why Is Trump Memecoin Soaring As Bitcoin, Ethereum Tumble?
A Political Flashpoint
CZ was pardoned by Trump after pleading guilty in 2023 to violating the Bank Secrecy Act, a law that requires financial institutions to help U.S. government agencies detect and prevent money laundering. He paid a $50 million fine, stepped down as the company's CEO and subsequently served four months in prison.
The pardon has met with criticism, with Sen. Elizabeth Warren (D-Mass.) and Sen. Adam Schiff (D-CA) introducing a Senate resolution condemning the decision. Reports emerged that CZ was considering suing Warren over alleged defamatory remarks she made about him.
It’s worth noting that USD1 was chosen to close Abu Dhabi investment firm MGX‘s $2 billion deal with Binance earlier this year.
Price Action: At the time of writing, WLFI was exchanging hands at $0.1416, down 5.35% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo Courtesy: Koshiro K on Shutterstock.com
