A new discussion has erupted in the cryptocurrency community after Binance founder Changpeng Zhao (CZ) shared a post by blogger Matt Wallace, which mentions Coinbase as an “anonymous source” for Bloomberg articles. These publications concerned the cryptocurrency project of U.S. President Donald Trump, World Liberty Financial, and the activities of the Binance exchange.
This is reported by Finway
Potential Impact of Binance’s Return on the U.S. Market
According to Wallace, Coinbase’s management is worried about rumors regarding a possible pardon for Changpeng Zhao, which would pave his way back to the U.S. market. If Binance returns, it could quickly overshadow Coinbase, seriously affecting its positions and profits in the domestic U.S. market. The blogger cited high fees and inadequate service levels from Coinbase as reasons for such vulnerability.
“Coinbase has learned that a pardon for CZ is just a matter of time. And due to their high fees and poor service, they fear competition from Binance if it gains full legal status in the U.S.,” Wallace wrote.
The post also claims that Coinbase may have been the initiator of a series of Bloomberg publications aimed against Binance and Donald Trump’s cryptocurrency project. Wallace emphasized that he considers such actions to be “anti-American” and urged the company to publicly explain its motives.
Background and Market Participants’ Reactions
It is worth recalling that in May 2025, Changpeng Zhao officially appealed to Donald Trump for a pardon. Prior to this, in April 2024, he pleaded guilty to charges of violating anti-money laundering laws, after which he stepped down as CEO of Binance in accordance with an agreement with the U.S. Department of Justice. At that time, several investigations against Binance were ongoing by the SEC and CFTC; however, in December 2023, the CFTC case was closed, and in May 2025, the SEC and Binance reached an agreement to close the respective case.
In the crypto community, Zhao’s repost was interpreted as a signal regarding the tension between the two industry leaders—Coinbase and Binance. However, as of the time of publication, there had been no official comments from representatives of Coinbase, Bloomberg, or Binance regarding these accusations.
“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.”
Experts believe that even without direct confirmation, CZ’s repost may indicate his support for this view or a desire to draw attention to the issue of internal competition in the crypto industry. At the same time, Zhao has repeatedly criticized Bloomberg for its biased coverage of Binance’s activities.