Binance CEO Richard Teng refuted claims that the company influenced the decision to use a USD1 stablecoin backed by the Trump family in a $2 billion investment deal. Teng stated that Binance had no involvement in choosing the specific stablecoin for the transaction, and that MGX, the investing firm behind the deal, made the decision independently. The denial came amidst scrutiny from U.S. lawmakers regarding potential political connections between Binance and certain figures. 1 The controversy arose after a revelation that USD1, a stablecoin launched by World Liberty Financial, was used in the investment deal. This prompted concerns about potential conflicts of interest. Binance has maintained its focus on business operations and compliance under Teng’s leadership, emphasizing it had no influence over MGX’s decision regarding the stablecoin.