Coinbase Accused of Trying to Discredit Binance
Date: 2025-07-15 Author: Henry Casey Categories: BUSINESS
Cryptocurrency circles have been in a state of controversy after analyst Matt Wallace claimed that Coinbase allegedly played a key role in the publication of a Bloomberg story about Binance’s alleged ties to the USD1 stablecoin. According to him, this exchange acted as an unnamed source, providing journalists with details about Binance allegedly developing the infrastructure for USD1, owned by World Liberty Financial.
Bloomberg journalists claimed that through this project, Changpeng Zhao (CZ) allegedly hopes to receive a pardon from US President Donald Trump and return to the management of Binance. Wallace in his tweet called this an attempt by Coinbase to weaken the position of its main competitor. His publication was supported and reposted by the founder of Binance, thereby intensifying the wave of discussions.
According to Wallace, Binance's resumption of operations on the American market would be a serious blow to Coinbase, as it could reduce its profits and influence. What surprised the crypto analyst most was that, as he claims, Coinbase chose not only a competing exchange as a point of attack, but also President Trump personally, which he called unacceptable and contrary to the national interests of the United States.
Coinbase representatives did not leave the accusations unanswered. Paul Grewal, the company's chief legal officer, in an official comment rejected all hints of involvement in the Bloomberg material. He emphasized that Coinbase does not practice information attacks and, on the contrary, is open to cooperation with all market players who want to develop the crypto industry.
It is worth noting that such accusations are not the first time. Back in the spring, Bloomberg and WSJ published materials reporting that CZ was looking for ways to pardon, while simultaneously negotiating with the family of President Trump. However, Zhao categorically denied these claims and even hinted at a possible lawsuit with Bloomberg. In early July, he publicly called Bloomberg's publication a paid one and did not rule out filing a lawsuit.
Recall that CZ's history with American justice began back in 2024, when he admitted violating local laws and spent four months in prison in the United States. After his release, Zhao retains influence over Binance, despite legal restrictions.
The crypto community is monitoring the development of the conflict: some are inclined to believe in insider leaks from Coinbase, while others consider this just another round of the struggle for leadership in the industry. One thing is clear - the competition between the largest platforms is intensifying, and not only market instruments are used, but also information leaks.
