- Binance co-founder Changpeng “CZ” Zhao shared a post alleging that rival exchange Coinbase was behind reports targeting Trump’s crypto project and Binance.
- Bloomberg reported that Binance developed the smart contract for the USD1 stablecoin, connected to former President Donald Trump.
- The report also suggested that Zhao sought a presidential pardon after a major deal where USD1 stablecoins featured in a $2 billion investment from a UAE fund in Binance.
- Zhao criticized the article as having multiple factual errors and hinted at possible legal action for defamation.
- Since his release from prison, Zhao has taken advisory roles in blockchain regulation in Kyrgyzstan and Pakistan.
Changpeng “CZ” Zhao, the co-founder and former CEO of Binance, recently reposted a claim that Coinbase was responsible for an anonymous tip behind a Bloomberg report aimed at Donald Trump’s crypto project, World Liberty Financial, and Binance. The claim surfaced on social media platform X over the weekend.
Crypto commentator Matt Wallace asserted that Coinbase executives worried a possible pardon for Zhao and Binance’s return to the United States would threaten their position in the crypto market. Wallace warned, “Binance is the world’s #1 crypto exchange,” and suggested that a comeback could damage Coinbase’s business.
Bloomberg reported that Binance was involved in creating the smart contract for USD1, a stablecoin tied to Trump’s supporter-backed World Liberty Financial. The article alleged that Zhao applied for a presidential pardon after a $2 billion investment deal from a UAE fund involved extensive USD1 transactions. Over 90% of USD1 tokens are said to be held in Binance wallets, potentially generating tens of millions of dollars in yearly interest revenue. Zhao responded by calling the article a “hit piece (sponsored by a competitor)” and mentioned, “Might have to sue them again for defamation.”
Zhao, who pled guilty to a felony in a 2023 settlement with U.S. authorities and served four months in prison, has publicly stated he is seeking a presidential pardon from Trump. Such a pardon could allow him to return to an executive role in a U.S. crypto business.
Since his release, Zhao announced in April that he would advise Kyrgyzstan on blockchain regulation after signing an agreement with the country’s foreign investment agency. On April 7, he also joined Pakistan’s newly formed Crypto Council as an advisor on digital assets oversight.
For more information on Zhao’s social media activity, see Matt Wallace’s post.
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