CZ Strongly Criticizes WSJ for Amplifying Anti-Crypto Sentiments, Accusing a VC of Spending Millions to Suppress Binance and Hinder U.S. Crypto Development

Binance Co-founder CZ Refutes Wall Street Journal Report

Binance co-founder Zhao Changpeng (CZ) has rebutted a report by the Wall Street Journal, calling it a “smear piece” filled with inaccuracies and negative assumptions, and accused certain forces in the United States of attempting to thwart the country’s efforts to become a cryptocurrency hub. CZ also revealed that a firm invested in an American exchange opposed “Binance’s assistance to the U.S. in becoming a cryptocurrency capital” and spent millions of dollars on lobbying efforts.

CZ Refutes Report Content

CZ criticized the Wall Street Journal on the social platform X on Friday for its portrayal of his alleged involvement with the decentralized finance project World Liberty Financial (WLFI), claiming that the media incorrectly depicted him as a “broker” for the WLFI team. WLFI is supported by a business entity associated with U.S. President Donald Trump, and its management includes Trump’s two sons—Eric Trump and Donald Trump Jr.

The Wall Street Journal’s report focused on a series of complex diplomatic and business interests involving WLFI, raising concerns about whether government authority is being used to benefit private business interests. The content primarily revolves around WLFI co-founder Steve Witkoff and his son Zach Witkoff’s diplomatic and business dealings, with Steve Witkoff also being a Middle East envoy appointed by the Trump administration, and Zach Witkoff reportedly involved in a $2 billion cryptocurrency transaction. Furthermore, the report insinuated that CZ might be attempting to curry favor with the Trump administration.

The Wall Street Journal reported that CZ helped arrange meetings for WLFI leaders during their visits, including one with Pakistani official Bilal Bin Saqib, which purportedly led to a memorandum of understanding.

However, CZ refuted these claims:

CZ asserted that the Wall Street Journal submitted a list of questions containing what he termed “false and negative assumptions.” He and his PR team responded to multiple factual inaccuracies but believed the report’s tone was fundamentally based on a “flawed narrative.”

CZ criticized the Wall Street Journal as merely a “mouthpiece,” stating that certain forces in the U.S. want to hinder the nation’s efforts to become a cryptocurrency capital, “They want to attack cryptocurrency, global cryptocurrency leaders, and governments that support cryptocurrency.”

Following CZ’s remarks, someone further inquired whether he had ever received a request from the Wall Street Journal to settle the smear against him for money. CZ denied this, alleging that a firm invested in an American exchange opposed Binance’s assistance in the U.S.’s cryptocurrency development and spent millions on lobbying efforts. CZ replied on X:

WLFI co-founder Zak Folkman also refuted the Wall Street Journal’s claims in a statement, calling it a “smear campaign” rather than news reporting. He stated that Steve Witkoff was in the process of completely exiting WLFI, “having no operational role in WLFI, no financial interest in WLFI’s transactions, and not participating in any daily decision-making.” He also claimed to have known Bilal long before CZ’s introduction.

Folkman further stated that WLFI had never discussed government affairs anywhere, “never coordinated with the U.S. government,” and called it “deliberately misleading” for outsiders to associate their work with U.S. foreign policy.

Source: Related reports: “WLFI Stablecoin USD1 Becomes a $2 Billion Binance Investment Vehicle, Deeply Tied to Trump, Sparking Political Controversy” “WLFI, Backed by Trump Family, Completes Token Sale, Making It One of the Top Ten ICO Projects in History.”