Binance CEO dismisses claims the firm boosted a Trump crypto venture ahead of CZ pardon

Published

4 weeks ago

November 4, 2025

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Richard Teng, chief executive officer of Binance, during the DC Blockchain Summit in Washington, DC, U.S., on Wednesday, March 26, 2025.

Bloomberg | Bloomberg | Getty Images

Binance CEO Richard Teng has dismissed claims that the cryptocurrency exchange helped boost a Trump-backed stablecoin before former CEO Changpeng Zhao received a presidential pardon.

The claims in question relate to a $2 billion investment Binance received from Abu Dhabi’s state-owned investment firm MGX. The deal was settled using USD1, a stablecoin created by the Trump family’s crypto venture, World Liberty Financial.

MGX’s investment and Binance’s subsequent listing of USD1 on its exchange helped bolster the stablecoin’s usage and credibility, with some lawmakers and reports suggesting this may have influenced the pardon of Zhao, commonly known as CZ.

However, in a CNBC interview on Monday, Teng rejected the notion that Binance — the world’s largest cryptocurrency firm — had given USD1 any preferential treatment.

“First of all, the usage of USD1 [for the] transaction between MGX as a strategic investor into Binance, that was decided by MGX … We didn’t partake in that decision,” Teng said.

He noted that USD1 had already been listed on other exchanges before Binance, adding that, as the “largest crypto ecosystem in the world,” the company regularly engages with promising new projects.

“Sometimes it works out. Sometimes it doesn’t. In the case of USD1, I’m glad that both parties worked it out.”

Accusations of corruption

Teng’s denials come after the Wall Street Journal reported last week that Binance not only facilitated the settlement of MGX’s investment using USD1, but also assisted in building the technology behind the stablecoin, citing anonymous sources familiar with the matter.

The Journal also previously noted that World Liberty Financial benefited greatly from the listing of its USD1 token on Binance and a partnership with Pancake Swap — an online marketplace for cryptocurrencies said to be associated with Binance.

Meanwhile, scrutiny of CZ’s pardon and Binance’s ties to the Trump-linked World Liberty Financial has continued to mount from opposition leaders on Capitol Hill.

Among the most prominent voices has been Sen. Elizabeth Warren, ranking member of the Senate Banking, Housing, and Urban Affairs Committee, who has accused Binance and the Trump administration of corruption.

In a statement last month, the vocal critic of the crypto industry said: “First, Changpeng Zhao pleaded guilty to a criminal money laundering charge. Then he boosted one of Donald Trump’s crypto ventures and lobbied for a pardon,” with the President later doing “his part.”

Binance did not respond immediately to a request for comment.

Binance CEO Richard Teng on crypto regulation and Trump's pardon for founder CZ

Critics have long questioned World Liberty Financial’s open connections to the Trump administration as it seeks new partnerships and investors overseas.

According to World Liberty Financial’s website, a Trump-affiliated firm called DT Marks DEFI LLC, along with members of the Trump family, receives a major share of the platform’s revenue and holds digital tokens backing the company, known as WLFI. The firm has reportedly netted the Trump family hundreds of millions to billions in profits.

However, it also states that Trump, his family or any members of the Trump Organization or DT Marks DEFI LLC are not an “officer, director, founder, or employee of, or manager, owner or operator of World Liberty Financial or its affiliates.”

MGX’s purchase of $2 billion in USD1 tokens has also raised eyebrows after a New York Times report in September noted that it occurred two weeks before the White House signed a major agreement with the U.A.E. on access to hundreds of thousands of American microchips.

In a conversation with CNBC last month, Donald Trump Jr., the U.S. president’s eldest son and a co-founder of World Liberty Financial, dismissed the reports and broader concerns about potential conflicts of interest.

He was joined by the firm’s CEO, Zach Witkoff, son of U.S. Special Envoy to the Middle East Steve Witkoff, who said their fathers were not focused on nor directly involved in the business.

Trump’s crypto embrace

Zhao was forced to step down from his role at Binance in 2023 after pleading guilty to enabling money laundering through the cryptocurrency exchange.

White House press secretary Karoline Leavitt said in a statement on Oct. 23 that Zhao had been prosecuted under the Biden administration “despite no allegations of fraud or identifiable victims.”

Trump later said he pardoned Zhao “at the request of a lot of very good people” and that he knew nothing about him.

Since returning to office, Trump has embraced the crypto sector, proposing new crypto legislation while rolling back enforcement actions that targeted crypto exchanges such as Coinbase and Ripple during the prior administration.

Speaking Monday, Teng said that Binance and the crypto industry “were very thankful” to the president for CZ’s pardon and for signaling that the U.S. will be the “global crypto capital of the world.”

Technology

iPhone 17 will drive record Apple shipments in 2025, IDC says

Published

3 hours ago

December 3, 2025

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iPhone 17 will drive record Apple shipments in 2025, IDC says

Apple’s latest iPhone models are shown on display at its Regent Street, London store on the launch day of the iPhone 17.

Arjun Kharpal | CNBC

Apple will hit a record level of iPhone shipments this year driven by its latest models and a resurgence in its key market of China, research firm IDC has forecast.

The company will ship 247.4 million iPhones in 2025, up just over 6% year-on-year, IDC forecast in a report on Tuesday. That’s more than the 236 million it sold in 2021, when the iPhone 13 was released.

Apple’s predicted surge is “thanks to the phenomenal success of its latest iPhone 17 series,” Nabila Popal, senior research director at IDC, said in a statement, adding that in China, “massive demand for iPhone 17 has significantly accelerated Apple’s performance.”

Shipments are a term used by analysts to refer to the number of devices sent by a vendor to its sales channels like e-commerce partners or stores. They do not directly equate to sales but indicate the demand expected by a company for their products.

When it launched in September, investors saw the iPhone 17 series as a key set of devices for Apple, which was facing increased competition in China and questions about its artificial intelligence strategy, as Android rivals were powering on.

Apple’s shipments are expected to jump 17% year-on-year in China in the fourth quarter, IDC said, leading the research firm to forecast 3% growth in the market this year versus a previous projection of a 1% decline.

In China, local players like Huawei have been taking away market share from Apple.

IDC’s report follows on from Counterpoint Research last week which forecast Apple to ship more smartphones than Samsung in 2025 for the first time in 14 years.

Bloomberg reported last month that Apple could delay the release of the base model of its next device, the iPhone 18, until 2027, which would break its regular cycle of releasing all of its phones in fall each year. IDC said this could mean Apple’s shipments may drop by 4.2% next year.

Technology

Anthropic reportedly preparing for one of the largest IPOs ever in race with OpenAI: FT

Published

8 hours ago

December 3, 2025

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Anthropic reportedly preparing for one of the largest IPOs ever in race with OpenAI: FT

Nurphoto | Getty Images

Anthropic, the AI startup behind the popular Claude chatbot, is in early talks to launch one of the largest initial public offerings as early as next year, the Financial Times reported Wednesday.

For the potential IPO, Anthropic has engaged law firm Wilson Sonsini Goodrich & Rosati, which has previously worked on high-profile tech IPOs such as Google, LinkedIn and Lyft, the FT said, citing two sources familiar with the matter.

The start-up, led by chief executive Dario Amodei, was also pursuing a private funding round that could value it above $300 billion, including a $15 billion combined commitment from Microsoft and Nvidia, per the report.

It added that Anthropic has also discussed a potential IPO with major investment banks, but that sources characterized the discussions as preliminary and informal.

If true, the news could position Anthropic in a race to market with rival ChatGPT-maker OpenAI, which is also reportedly laying the groundwork for a public offering. The potential listings would also test investors’ appetite for loss-making AI startups amid growing fears of a so-called AI bubble.

However, an Anthropic spokesperson told the FT: “It’s fairly standard practice for companies operating at our scale and revenue level to effectively operate as if they are publicly traded companies,” adding that no decisions have been made on timing or whether to go public.

CNBC was unable to reach Anthropic and Wilson Sonsini, which has advised Anthropic for a few years, for comment.

According to one of the FT’s sources, Anthropic has been working through internal preparations for a potential listing, though details were not provided.

The FT report follows several notable changes at the company of late, including the hiring of former Airbnb executive Krishna Rao, who played a key role in the firm’s 2020 IPO.

CNBC also reported last month that Anthropic was recently valued to the range of $350 billion after receiving investments of up to $5 billion from Microsoft and $10 billion from Nvidia.

In its race to overtake OpenAI in the AI space, the startup has also been expanding aggressively, recently announcing a $50 billion AI infrastructure build-out with data centers in Texas and New York, and tripling its international workforce.

According to the FT report, investors in the company are enthusiastic about Anthropic’s potential IPO, which could see it “seize the initiative” from OpenAI.

While OpenAI has been rumoured to be considering an IPO, its chief financial officer recently said the company is not pursuing a near-term listing, even as it closed a $6.6 billion share sale at a $500 billion valuation in October.