Commerce Department Eases UAE Export Controls for MGX, Backed $2 Billion Binance Investment via Trump-Linked Stablecoin

According to the Commerce Department on Friday, the U.S. will ease export controls on the United Arab Emirates, including "favorably reviewing" export license applications for MGX, a UAE-backed investment firm that used USD1—a stablecoin linked to President Donald Trump's family—for its $2 billion investment in crypto exchange Binance. The new 17-page rule, scheduled for official publication on July 14, also grants Abu Dhabi's AI conglomerate G42 and its cloud subsidiary Core42 license exceptions for advanced-computing equipment.

Senator Elizabeth Warren quickly criticized the move as "corrupt," citing MGX's involvement with World Liberty Financial and concerns about whether Trump's financial interests could influence U.S. policy toward the UAE. Warren called for Commerce Secretary Howard Lutnick and others to testify before Congress on the decision.