Recently, a new dispute has surfaced in the cryptocurrency domain, ignited by Binance’s founder, Changpeng Zhao (CZ). He retweeted a post that alleged Coinbase of clandestinely working against both Binance and former President Donald Trump’s crypto venture, World Liberty Financial.
The accusation was put forth by crypto influencer Matt Wallace, who affirmed that emerging evidence points towards Coinbase being the “unidentified” source behind negative reports aimed at both Trump’s project and Binance. Wallace claimed that Coinbase’s higher-ups were apprehensive that if Trump regained power and potentially pardoned CZ, it could pave the way for Binance to resume operations in the U.S.
At present, Binance continues to be the leading cryptocurrency exchange globally. A legal resurgence in the U.S. could drastically diminish Coinbase’s market presence. Wallace insinuated that due to Coinbase’s elevated trading fees and customer service glitches, the company feared losing its footing to Binance if the competition was fair.
What’s causing a stir is the allegation that Coinbase was prepared to undermine Trump’s crypto initiative as part of its scheme to thwart Binance. The supposed action has been termed “anti-American” by Wallace, who also questioned if Coinbase would concede to these deeds if evidence were to emerge.
@iampaulgrewal, Chief Legal Officer at Coinbase, promptly dismissed these allegations on social media, terming them as absolute misinformation. He stated, “We certainly did not contribute to this story. We do not target competitors and welcome any businesses that share our objective of expanding the crypto market.” Grewal also suggested those seeking the actual story source to “continue their search”.
