Coinbase and Binance Clash Over Media Allegations and Political Drama
Top crypto exchanges Coinbase and Binance are caught in a heated conflict after a media report sparked accusations of political ties and behind-the-scenes attacks.
Coinbase Denies Involvement
On July 13, Coinbase’s chief legal officer, Paul Grewal, denied claims that the company secretly helped Bloomberg with a report targeting Binance. The report focused on Binance’s involvement with USD1, a stablecoin linked to World Liberty Financial, a group said to support Donald Trump.
Grewal wrote on X (formerly Twitter):
“This is misinformation. We had nothing to do with that story. We don’t attack competitors. We support anyone helping grow the crypto space.”
Despite this, online rumors suggested Coinbase gave Bloomberg inside info to damage Binance’s reputation in the U.S.
Binance Responds to the Claims
Changpeng Zhao (CZ), Binance’s founder and former CEO, also criticized the Bloomberg article. He said it was full of false information and might even lead to another lawsuit for defamation.
The Bloomberg report claimed Binance wallets held over $2 billion in USD1 and suggested Zhao tried to get a presidential pardon. However, the report did not name Coinbase as a source.
Speculation Online
Some online voices were quick to point fingers. Influencer Ian Miles Cheong wrote:
“Bloomberg is trash. I bet Coinbase is behind this. Their fees are high, the platform is worse. They’re just trying to take down Binance using the Trump angle.”
Another user, Wall Street Mav, defended Binance, saying the media was twisting a normal business move into a political issue just to stir controversy.
Crypto Battle Goes Public and Political
Both Coinbase and Binance have strongly denied any role in spreading false stories. But the situation shows how competition in the crypto world is now spilling into the public and political space, not just on trading platforms.
As Binance works to recover from regulatory issues and Coinbase protects its image, the fight between top exchanges is becoming more than just business—it’s a battle of influence and trust.
