A discussion has erupted within the cryptocurrency community after Binance founder Changpeng Zhao (CZ) shared a post by blogger Matt Wallace. The post claims that the cryptocurrency exchange Coinbase acted as an “anonymous source” for Bloomberg’s materials regarding U.S. President Donald Trump’s project World Liberty Financial and Binance’s activities.
This is reported by Business • Media
Accusations Against Coinbase and Binance’s Return
Wallace hints in his message that Coinbase’s management is seriously concerned about the possibility of a pardon for Zhao, which would allow him to return to the U.S. market and restore Binance’s official presence in the U.S. According to the blogger, Coinbase sees this as a serious threat due to its high fees and customer dissatisfaction with the service, making the exchange vulnerable to increased competition.
“Coinbase has learned that a pardon for CZ is just a matter of time. And due to its high fees and poor service, they fear competition from Binance if it gains full legal status in the U.S.,” Wallace’s post states.
Wallace also emphasizes that Binance, as the world’s largest cryptocurrency exchange, is capable of quickly pushing Coinbase out of the domestic U.S. market, which would significantly impact its financial performance.
Market Participants’ Reactions and the History of Confrontation
The blogger accuses Coinbase of attempting to pressure competitors through information attacks, even targeting the U.S. president. Wallace calls this an “anti-American” move and urges the company to take responsibility for its actions.
“What is most shocking is that Coinbase chose to attack President Trump — just to strike at its competitors. This is anti-American!” Wallace wrote, urging the company to “take responsibility for its decision.”
Changpeng Zhao officially appealed to Donald Trump for a pardon in May 2025. His interest in returning to the U.S. market intensified after he pleaded guilty in April 2024 to a case related to violations of anti-money laundering regulations and stepped down as CEO of Binance as part of a deal with the U.S. Department of Justice.
At the same time, several cases were opened against Binance, including those from the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). However, at the end of 2023, the court dismissed the CFTC case against Binance, and in May 2025, the SEC and Binance reached an agreement to close another case.
Wallace is convinced that Binance’s return to the U.S. market with full legal status would be a serious blow to Coinbase’s position.
“If Binance returns to the U.S. market with full legal status, it will be a real blow to Coinbase,” Wallace asserts.
Currently, none of the mentioned parties — Coinbase, Bloomberg, or Binance — have provided official comments regarding these accusations. Meanwhile, Zhao’s repost, even without direct support for the expressed opinion, indicates his interest in this version of events or at least a desire to initiate a public discussion about possible industry conflicts.
Previously, Zhao had publicly criticized Bloomberg for biased coverage of Binance’s activities and accused the publication of unfounded attacks on the company.