Connecticut Senator Accuses Binance of Facilitating Trump’s Crypto Deals
Connecticut Senator Chris Murphy has publicly accused the cryptocurrency exchange Binance of facilitating former President Donald Trump’s “corrupt crypto coin” and questionable deals in exchange for a presidential pardon for its founder, Changpeng Zhao. This accusation surfaced shortly after Binance listed Trump’s stablecoin, USD1, on October 29, 2025—just a week following Zhao’s pardon.
Accusations Against Binance
Senator Murphy took to Twitter to express his outrage, stating, “Your company launched Trump’s corrupt crypto coin. You greased the wheels of the massively corrupt UAE ‘trade secrets for cash’ deal.” This remark was directed at Binance’s involvement in Trump’s cryptocurrency initiatives.
Murphy’s criticism intensified after the White House confirmed Zhao’s pardon on October 22, 2025. Zhao had previously served four months in prison after pleading guilty to violations of U.S. anti-money laundering laws.
Political Backlash
The pardon has spurred significant political turmoil in Washington. Democratic figures, including Maxine Waters, Ro Khanna, and Elizabeth Warren, have denounced the pardon as a manifestation of corruption tied to Trump’s business dealings. Waters described it as “an appalling but unsurprising reflection of his presidency,” while Khanna has since proposed new legislation aimed at prohibiting elected officials from owning or creating cryptocurrencies.
- October 22, 2025: Changpeng Zhao pardoned by President Trump.
- October 29, 2025: Binance lists Trump’s USD1 stablecoin.
Binance’s Response
In response to Murphy’s allegations, Binance US defended its listing practices. The exchange stated it conducts “comprehensive due diligence” prior to adding any asset and mentioned that USD1 was already listed on over 20 exchanges, asserting that Murphy’s claims misrepresent routine business activities.
Reactions from the Crypto Community
Industry experts weighed in on this political drama. Kadan Stadelmann, Chief Technology Officer at Komodo Platform, criticized Murphy for what he termed political opportunism rather than addressing broader systemic issues in financial oversight. He noted the increasing adoption of Trump’s World Liberty Financial project within the crypto market.
The situation continues to unfold, as tensions between the political and cryptocurrency realms remain high, drawing attention to the implications of political pardons on the integrity of financial systems.
