Binance Co-founder Changpeng Zhao (CZ) Denies Allegations of Involvement in Discussions with Trump-affiliated Entities

The WSJ article proposes that CZ acted as a fixer, facilitating connections between WLF and influential figures, including a tech entrepreneur and the CEO of Pakistan Crypto Council, Bilal bin Saqib.

Binance co-founder Changpeng Zhao (CZ) has publicly denied allegations from a recent Wall Street Journal report suggesting his involvement in discussions with Trump-affiliated entities, particularly World Liberty Financial (WLF), regarding a potential stake in Binance US.

The WSJ article proposes that CZ acted as a fixer, facilitating connections between WLF and influential figures, including a tech entrepreneur and the CEO of Pakistan Crypto Council, Bilal bin Saqib.

In response, CZ stated on social media that he’s not a fixer and expressed criticism towards the Wall Street Journal piece, which he claims is biased and contains factual inaccuracies. He asserted that he had no involvement with WLF or its dealings.

The article claims that the Trump family, through WLF (a DeFi firm co-founded by Steve Witkoff and his son Zach, and reportedly backed by the Trumps), was exploring a $2 billion investment from a UAE-linked firm.

The former Binance CEO went on to criticize WSJ’s journalistic approach, citing Cunningham’s Law and saying they're posting information they know is wrong to later post a correction.

CZ has faced similar situations and accusations before, all of which he vehemently denies. For instance, one report alleged that the Trump family was planning to invest in Binance's US operations. Another claimed that CZ requested a presidential pardon following his guilty plea to US anti-money laundering violations in 2023, for which he served four months in prison.

WLF's Controversies

There have been several controversies surrounding the WLF, with the UAE’s $2 billion investment being just one of them. The company’s USD1 stablecoin has gained traction in countries like Pakistan, Malaysia, and Kyrgyzstan, which coincides with US diplomatic engagement in these regions.

According to a report by The Block, critics argue that the intertwining of private enterprise and government policy in this context might lead to potential conflicts of interest.

Adding more fuel to the fire, Donald Trump recently hosted a private dinner for top holders of his $TRUMP meme coin, an event that has drawn bipartisan criticism.

Moreover, Justin Sun, founder of the Tron blockchain network, was present at the dinner. Sun, who had previously avoided the US due to legal concerns, has invested $75 million in WLF, which once more raised additional questions about the intersection of cryptocurrency ventures and political influence.

As of now, CZ maintains that he had no discussions of a Binance US deal with anyone, and he also said that neither he nor Binance had any business dealings with WLF or its associates.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind.

Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.