Binance CEO Richard Teng denied allegations that the crypto exchange promoted a President Trump-backed crypto venture in exchange for a presidential pardon for company founder Changpeng Zhao.

The denial comes after Trump pardoned CZ, who had pleaded guilty to money laundering charges. Trump reportedly cited the pardon as ending “political persecution” in the crypto sector.

Binance has had business dealings with the Trump family’s crypto company, World Liberty Financial, which is reported to generate revenue for the family. Critics claim that the pardon of the Binance founder was linked to this support.

CZ, the convicted founder of Binance, received the presidential pardon amid discussions of crypto industry collaborations with political figures’ digital asset projects.