Changpeng Zhao, co-founder and former CEO of Binance, has publicly criticized the Wall Street Journal (WSJ) for what he describes as an unfair and misleading portrayal of him and the broader crypto industry. Zhao’s accusations point to ongoing attempts by certain forces in the United States to undermine the growth of the cryptocurrency sector.
In a recent statement made via social media, Zhao expressed his disappointment over the WSJ’s tactics, which he claims are more in line with Cunningham’s Law—a maxim that suggests that the best way to provoke the right answer is to post a wrong one—rather than genuine journalism. This complaint followed the WSJ’s publication of an article alleging Zhao played a role in facilitating introductions for the Trump family’s crypto venture, World Liberty Financial (WLFI).
Zhao rebuffed the WSJ’s claims, stating that he has no role as a ‘fixer’ for WLFI or its founders. He described the questions posed by the publication as filled with inaccuracies and negative assumptions. In an effort to clarify, Zhao shared excerpts from the questions he received that inaccurately characterized his involvement. For instance, the article asserted, “CZ has been serving as effectively a fixer for Zach Witkoff and the WLFI team in their foreign travels,” which Zhao firmly denied, noting that the individuals mentioned were already acquainted.
The Binance founder’s concerns extend beyond personal reproach; he views this as part of a larger campaign against the cryptocurrency industry in the U.S. Zhao remarked that these actions represent a significant threat to the industry’s development and suggest a coordinated effort to impede progress towards cementing the U.S. as a global hub for cryptocurrency. He has labeled the WSJ as merely a mouthpiece for these antagonistic forces.
Adding to the controversy, the article raised alarms over the blending of governmental responsibilities and personal business agendas, a claim which Zhao and WLFI have contested. The firm emphasized that its business dealings are independent of governmental influence, highlighting a commitment to ethical practices amidst a challenging regulatory environment. With figures like Steve Witkoff, who also serves as the U.S. Special Envoy to the Middle East, involved in WLFI, these allegations evoke questions of potential conflict of interest.
Zhao’s remarks echo a sentiment of defiance against perceived media attacks, emphasizing the resilience of the cryptocurrency sector. His stand against unjust journalistic practices is likely to resonate with many in the crypto community who view the industry as continuously under scrutiny and attack.
In response to the scrutiny regarding the WSJ’s portrayal of his relationship with WLFI and potential consultations with the Trump administration, Zhao categorically denied any negotiations suggesting deals or pardons involving his leadership of Binance. He stated, “The WSJ article got the facts wrong,” firmly distancing himself from any allegations of wrongdoing. As the price of Bitcoin continues to shift, these controversies persist as markers of the volatile and often misunderstood world of cryptocurrency.
