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Coinbase Denies Bombshell Claim it Fueled Trump-Binance Hit Piece
In a surprising turn of events, Coinbase has officially denied the bombshell claim that it fueled a Bloomberg report scrutinizing Donald Trump’s crypto project and Binance. The allegations sparked heated debate within the industry.
According to sources, Matt Wallace claimed that Coinbase executives were concerned about potential consequences if Changpeng “CZ” Zhao, the former CEO of Binance, received a presidential pardon. This concern led them to allegedly target Trump’s World Liberty Financial project, a stablecoin issuer linked to CZ.
Wallace asserted that Coinbase viewed Binance’s return as a direct threat to their market share and thus attempted to undermine it by feeding information to Bloomberg for an article highlighting the controversy surrounding USD1, a stablecoin issued by World Liberty Financial. He further labeled this action as “anti-American.”
Coinbase’s Chief Legal Officer, Paul Grewal, took to X to rebuke these claims, calling them “pure misinformation.” In response to Wallace’s accusations, he emphasized that his company has no involvement in providing information to Bloomberg.
“We don’t attack competitors, and we welcome any businesses that share our goal of growing the crypto pie,” Grewal stated. “You should keep looking for an actual source.”
Industry insiders have been drawn into the controversy, with blockchain advisor Anndy Lian weighing in on the matter. He criticized Bloomberg’s report for relying heavily on anonymous sources without concrete evidence and lacking a factual basis.
Lian also pointed out that Binance’s activities are aligned with industry norms and there is no tangible proof linking Trump’s business interests to policy decisions.
The incident has sparked heated discussions within the crypto community, with some speculating about potential fallout from this development.
Source: cryptopotato.com
