CZ Denies WSJ Claims on Ties to Trump’s Crypto Business

Changpeng Zhao (CZ), the co-founder of the world’s largest crypto exchange, Binance, has debunked The Wall Street Journal’s (WSJ) claims about his ties to the Trump family crypto business.

The Binance co-founder and former CEO insists that WSJ is the mouthpiece for the forces fighting against the United States’s becoming the world’s crypto capital. He asserts that these forces are attacking global crypto leaders and the pro-crypto U.S. administration.

What Are The Claims Against CZ?

A lengthy WSJ article published on May 22 reported that CZ has been helping U.S. President Donald Trump’s crypto venture, World Liberty Financial (WLFI), to connect with foreign nationals. Some are from Abu Dhabi, Pakistan, Malaysia, and Kyrgyzstan. In WSJ’s words, CZ has helped “facilitate some introductions for World Liberty’s foreign travels,” although he does not act as a “fixer.”

One fruit of the interactions between WLFI and Abu Dhabi is a billion-dollar deal that used WLFI’s stablecoin USD1 as a settlement currency. The Abu Dhabi-based investment firm MGX recently secured a minority stake in Binance using USD1 within two months of the coin’s launch.

WSJ claims that CZ played a vital role in the $2 billion deal because he had introduced one of MGX’s co-founders, Sheikh Tahnoun bin Zayed Al Nahyan, to Steve Witkoff. Steve is Trump’s close friend and associate and was named the Middle East envoy shortly after the election victory in November. His son, Zach, is the co-founder of WLFI, of which the Trump family members are active partners. 

Per WSJ’s report, CZ has helped World Liberty’s efforts to coincide with official government business. This is happening while the Binance founder seeks a pardon from the Trump administration.

Debunking WSJ’s Claims

Addressing the WSJ report, CZ said the media outlet has resorted to Cunningham’s Law with negative intentions instead of doing journalism. The law states that the best way to get the correct answer on the internet is not to ask a question but to post the wrong answer.

According to CZ, the WSJ sent a long list of questions with wrong and negative assumptions a few days before the report was published. While he pointed out ‘numerous inaccuracies and unfounded inferences,’ the media firm published the factual errors. 

“This is NOT how journalism should work,” CZ stated, insisting that he did not make any introductions for WLFI’s foreign travels.