Binance CEO Richard Teng has refuted allegations that the cryptocurrency exchange played a role in promoting a Trump-backed stablecoin ahead of former CEO Changpeng Zhao’s presidential pardon.

The controversy centers on a $2 billion investment Binance received from Abu Dhabi’s state-owned fund, MGX, which was reportedly settled using USD1, a stablecoin developed by the Trump family’s crypto venture, World Liberty Financial.

Following the investment, Binance listed USD1 on its platform, a move that increased the token’s visibility and credibility. Some lawmakers and reports have suggested the development may have influenced Zhao’s pardon.

Speaking in a CNBC interview on Monday, Teng denied the claims, insisting Binance did not give USD1 any special 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 explained that USD1 was already trading on several exchanges before Binance listed it, emphasizing that as “the largest crypto ecosystem in the world,” the company routinely collaborates with innovative and promising projects.

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

Teng’s remarks follow a Wall Street Journal report last week alleging that Binance not only facilitated MGX’s $2 billion investment using USD1 but also helped develop the technology behind the Trump-backed stablecoin, citing anonymous sources.

The Journal further reported that World Liberty Financial saw significant gains after Binance listed USD1 and through a partnership with PancakeSwap, a cryptocurrency marketplace reportedly linked to Binance.