Coinbase Accused of Information Attack on Binance

Coinbase has been identified as the “anonymous source” for Bloomberg in a recent article concerning Binance’s ties with the stablecoin USD1, according to crypto expert Matt Wallace.

🚨JUST IN: Evidence is emerging that COINBASE was the “anonymous” source behind the hit job on President Trump’s World Liberty Financial and Binance ‼️

Coinbase learned that a pardon for Binance’s CZ may be on the table and due to their industry high fees and poor customer…

— Matt Wallace (@MattWallace888) July 13, 2025

In a Bloomberg article dated July 11, it was claimed that Binance developed the technological foundation for USD1 from World Liberty Financial (WLFI). Anonymous sources suggested that Changpeng Zhao (CZ) is attempting to secure a pardon from U.S. President Donald Trump. This, they believe, would allow him to return to leading the exchange.

Wallace identified Coinbase as the “anonymous source.” His tweet was reposted by the founder of Binance.

“Binance is a leader among global crypto exchanges. A return to the U.S. could immediately reduce Coinbase’s market share and severely impact its profits. The most surprising aspect is that the platform targeted President Trump in an attempt to harm its competitor. This is an anti-American act!” wrote Wallace.

Coinbase’s Chief Legal Officer Paul Grewal responded to the accusations and called Wallace’s claims “disinformation”:

“We had no involvement with that article. We do not attack competitors and welcome any companies that share our goal of developing the crypto market.”

In March, Bloomberg and WSJ published articles claiming that Zhao is seeking a pardon amid discussions of business deals with the Trump family. CZ denied the journalists’ information. On July 11, he posted, calling the Bloomberg article a hit piece and suggested possible legal action.

4. FUD. Bloomberg just wrote another hit piece (sponsored by a competitor) containing so many factual errors I don’t even know where to begin.

Might have to sue them again for defamation. https://t.co/FevGMArHj8

— CZ 🔶 BNB (@cz_binance) July 11, 2025

Back in April 2024, CZ pleaded guilty to violations of U.S. laws and spent four months in an American prison.