Coinbase Denies Allegations Over Sources Linking It to Binance and Trump

With foreign media reports claiming that Binance was involved in the stablecoin USD1 issued by World Liberty Financial (WLFI), led by Donald Trump's family, there has been growing speculation within the community that Coinbase is behind the scenes. In response, Coinbase has denied these allegations.

On the 14th (KST), according to cryptocurrency-focused media outlet Cryptopolitan, Paul Grewal, Chief Legal Officer (CLO) of Coinbase, stated on X (formerly Twitter), "We have had no involvement whatsoever with the article reporting on the relationship between Binance and President Trump," adding, "We welcome all companies that share the goal of growing the cryptocurrency market and do not attack competitors."

Grewal's clarification was in response to a post by crypto influencer Matt Wallace. Previously, Wallace claimed that Coinbase's executives felt threatened by Changpeng Zhao and Binance's return, fearing a loss of market share, and had allegedly encouraged Bloomberg to publish the report. Wallace stated, "Binance is the world's number one cryptocurrency exchange, and its return to the U.S. would be a severe blow to Coinbase."

Additionally, Changpeng Zhao, founder of Binance, brought further attention by retweeting Wallace's post.

Earlier, Bloomberg reported that Binance developed the USD1 smart contract for World Liberty Financial.