Binance Denies Role in Trump Family Crypto Deal Worth $2 Billion
Binance CEO Richard Teng has dismissed allegations that the exchange played any part in promoting or facilitating a controversial $2 billion transaction involving the Trump family’s crypto project, World Liberty Financial.
Background of the controversy
The dispute centers around MGX, an Abu Dhabi–based investment firm that announced in March a $2 billion deal to purchase digital assets using the USD1 stablecoin. USD1 is the primary token of World Liberty Financial, a blockchain venture co-founded by Eric Trump, son of former US President Donald Trump.
After the announcement, critics questioned Binance’s potential role in influencing the choice of USD1 as the transaction currency, citing the company’s extensive partnerships in the Middle East crypto ecosystem.
Teng’s official statement
Speaking to CNBC, Richard Teng stated that Binance “had no involvement whatsoever” in determining MGX’s use of USD1 for the investment. He clarified that the exchange neither advised on the deal structure nor facilitated the stablecoin’s adoption, emphasizing that Binance operates independently from any political or family-linked projects.
Teng added that the firm’s focus remains on “building global compliance frameworks and maintaining transparency,” amid what he called “unfounded speculation.”
The Trump-linked crypto project
World Liberty Financial gained attention earlier this year after Eric Trump described it as an “American-made alternative to centralized finance.” The project aims to issue the USD1 stablecoin, pegged to the US dollar and marketed as a politically independent financial instrument.
However, its ties to the Trump family have sparked political and regulatory scrutiny, especially following Donald Trump’s return to office and his administration’s push for a “pro-innovation, pro-crypto” policy agenda.
Regulatory and market implications
Analysts suggest that any perceived coordination between major exchanges and politically connected crypto ventures could raise red flags for regulators. The controversy comes as Binance continues to rebuild trust after previous legal challenges in the United States and Europe.
Meanwhile, the USD1 stablecoin’s visibility has surged, though its liquidity and on-chain adoption remain limited compared to established assets such as USDT and USDC.
Outlook
Binance’s denial highlights the exchange’s cautious approach amid geopolitical and regulatory sensitivities surrounding digital currencies linked to political figures.
Market observers believe the MGX–World Liberty Financial partnership will face further scrutiny, particularly regarding transparency, auditing, and the nature of offshore funding flows. For now, Binance aims to stay clear of the controversy as it consolidates its global operations under tighter compliance standards.
Editorial Team — CoinBotLab