Binance’s CZ Denies Bloomberg Report on Trump-Backed USD1 Stablecoin
Changpeng “CZ” Zhao, co-founder and former CEO of Binance, denied a Bloomberg report linking him to the USD1 stablecoin issued by World Liberty Financial, associated with Donald Trump. Zhao described the article as a “hit piece” with numerous factual inaccuracies and suggested potential legal action for defamation. The report claimed Binance developed the smart contract for USD1 and alleged Zhao sought a presidential pardon after a $2 billion investment deal involving Binance. Over 90% of USD1 tokens are reportedly held in Binance wallets. Zhao previously settled a legal dispute with Bloomberg over false Ponzi scheme allegations. He pleaded guilty to a felony in 2023 and is pursuing a presidential pardon to regain a role in US crypto. Trump’s crypto ventures face scrutiny from lawmakers, with Republican leaders considering crypto regulation bills. Zhao also refuted a Wall Street Journal report about cooperating with authorities against Justin Sun, asserting he did not testify against anyone.
