Binance’s CZ Slams Bloomberg Over Trump-Linked Stablecoin Claim

• tas a  aaaaCZ slams Bloomberg claim linking Binance to Trump-backed stablecoin USD1.

• Zhao may sue Bloomberg again, calls the report false and biased.

• Bloomberg says Binance coded USD1, holds 90% of the supply.

Binance co-founder and former CEO Changpeng “CZ” Zhao has rejected a new Bloomberg report. The report links him and Binance to a stablecoin launched by World Liberty Financial (WLF). WLF is a crypto firm that is affiliated with the US president, Donald Trump.

CZ May Sue Bloomberg Over ‘Hit Piece’ on Trump-Linked Stablecoin

In an X post, Zhao described the article as a hit piece. He called it a competitor-sponsored thing. He complained, also, that it had so many factual mistakes that he did not know where to start. As such, he could sue Bloomberg once again as a result of defamation.

According to Bloomberg, Binance was deeply involved. They say Binance coded, promoted, and adopted the stablecoin. The stablecoin is named USD1. According to some critics, this looks like a conflict of interest by President Trump.

In addition, Bloomberg claimed that the Trump family’s crypto venture got secret help. They added that the largest crypto exchange in the world, Binance, supported it. It was also mentioned in the report that Zhao is a convicted felon, and he is currently seeking a pardon.

According to Bloomberg, Binance coded up the rudimentary smart contract code in USD1. Three people said this but did not wish to be named. This is because the setup was personal. They opined further that Zhao had attempted to get a pardon shortly after USD1 had been utilized in a 2 billion dollar investment arrangement. The transaction entailed a UAE fund acquiring a Binance stake.

The report also states that over 90% of the supply of USD1 remains with Binance wallets. This may earn tens of millions of dollars annually in interest.

CZ Reminds Bloomberg of Past Apology Amid New Clash

In 2023, Zhao pleaded guilty. He acknowledged that he did not comply with keeping a successful anti-money-laundering program. As a result, he went to prison and served four months. He also settled a fine of 50 million dollars.

In his post, Zhao reminded people about his history with Bloomberg. He posted a link to an apology in July 2024. In those days, Bloomberg had republished a 2022 article in its Chinese version and withdrew it. That article had termed Binance as a Ponzi scheme. The headline was “false and baseless,” as they later said.

This is not the sole instance when Zhao had engaged in a conflict with the mainstream media. As an example, Zhao responded to WSJ as well in May. They have written that he was a fixer for World Liberty Financial. The WSJ claimed that he did this when traveling abroad. Zhao complained that he was unfairly attacked by the WSJ. He termed their allegations to be unfounded and discriminatory. In addition, he claimed that the newspaper was not doing journalism.

Bloomberg has yet to respond to the new response of Zhao. The crypto community is keeping an eye out. Some said that the battle between Zhao and the media can result in a court battle. Some believe that this is likely to hurt confidence in the crypto sector.

As of now, Zhao has not given up. He disclaims the connection with the Trump-linked stablecoin. He states he will defend his name and the reputation of Binance. Consequently, the conflict between Zhao and Bloomberg might not conclude quickly.