Changpeng Zhao (CZ), the founder and former CEO of Binance, has publicly refuted claims made in a Wall Street Journal (WSJ) article asserting his involvement in a crypto deal connected to the Trump family. CZ labeled the WSJ report as a misinformation campaign intended to damage the reputation of Binance and the broader cryptocurrency industry.
The WSJ article had alleged that CZ acted as a 'fixer' for the decentralized finance project World Liberty Financial (WLF), which is reportedly backed by business entities affiliated with former U.S. President Donald Trump and involved Trump’s sons Eric and Donald Jr. The report suggested CZ facilitated introductions and diplomatic meetings during foreign trips, including one to Pakistan, culminating in a memorandum of understanding. CZ firmly denied these assertions, stating that no such engagements were arranged by him and that these claims are unfounded.
This controversy emerged amidst ongoing legal scrutiny faced by CZ, including past violations of the Bank Secrecy Act (BSA), and his recent application for a pardon from the Trump administration regarding a prior money laundering conviction. The public dispute has prompted discussion in the crypto community about media reliability and regulatory pressures on exchanges like Binance, which has seen a decline in its U.S. market share.
Additionally, CZ criticized the WSJ as a mouthpiece for anti-crypto forces in the United States, alleging that the publication aims to hinder efforts to establish the U.S. as a global crypto hub and stifle industry growth. The WSJ investigation also spotlighted WLF’s opaque investor disclosures and connections to notable crypto figures such as Tron founder Justin Sun, who attended a recent Trump-hosted memecoin investor dinner.
Overall, CZ’s rebuttal underscores the tension between cryptocurrency leaders and mainstream media narratives, as well as the challenges facing the crypto sector amid regulatory and reputational headwinds.