INSUBCONTINENT EXCLUSIVE:
Update (July 13, 23:18 UTC) This short article has been updated to include a response to the claims published by Coinbase CLO Paul
GrewalBinance co-founder and previous CEO Changpeng CZ Zhao has reposted a tweet alleging that Coinbase was the confidential source behind
Bloombergs report targeting Trumps crypto task, World Liberty Financial, and Binance.In a Sunday post on X, crypto commentator Matt Wallace
claimed Coinbase executives feared a potential pardon for Zhao and Binances return to the United States market would threaten their market
share, triggering efforts to weaken competitors.Binance is the worlds # 1 crypto exchange, Wallace composed, alerting that Binances return
with complete legal status might seriously damage Coinbases business.What is most shocking is that Coinbase would target President Trump in
an effort to injure their competitors
This is anti-American! Will Coinbase fess up and face the heat for their bad decision? It will all come out soon! he wrote.Zhao retweeted
the post without validating it or rejecting it
Cointelegraph reached out to both Binance and Coinbase for commentbut had not gotten an action by publication.CZ reposting Wallaces post
Source: Matt WallaceHowever, Coinbase chief legal officer Paul Grewal responded to Wallaces post on social networks, rejecting the reports
Sorry this is pure false information
We definitely did not contribute to this story
We dont attack competitors, and we welcome any companies that share our goal of growing the crypto pie, Grewal composed on X.Source: Paul
GrewalRelated: Is this genuine? CZ questions TONs UAE Golden Visa as govt sources stay silentBinance linked to Trumps USD1
stablecoinBloombergs report alleged that Binance developed the clever agreement for USD1, a stablecoin released by World Liberty Financial,
connected to previous President Donald Trump.The report likewise declared Zhao got a presidential pardon shortly after USD1 was used in a $2
billion deal including a UAE funds financial investment in Binance
It noted that over 90% of USD1 tokens stay in Binance wallets, possibly creating 10s of millions in yearly interest revenue.On Sunday, Zhao
called the post a hit piece (sponsored by a competitor) filled with a lot of factual mistakes that he does not even understand where to
He added, Might have to sue them once again for defamation.Related: Binance ties to Kenyan crypto board raise monopoly issues: ReportZhao
looks for governmental pardonZhaopleaded guilty to one felony count as part of a settlement with United States authorities in 2023
Although he had actually already served four months in prison, he stated in May that he wasseeking a presidential pardon from Trump
Such a pardon might potentially enable Zhao to return to a supervisory or functional role at an US crypto business.Meanwhile, Zhao has been
busy considering that his release
On April 4, he said he wouldbegin advising Kyrgyzstan on blockchain and crypto-related guideline after signing an MOU with the countrys
foreign financial investment agency.On April 7, Zhaowas selected as an adviser to Pakistans Crypto Council, a newly formed regulatory body
tasked with overseeing the nations embrace of blockchain technology and digital assets.Magazine: Crypto City Guide to Seattle: Site of CZs
downfall and pot crypto suppliers
