CZ refutes claims in latest WSJ article on Trump-linked crypto dealings

Binance CEO Changpeng Zhao (“CZ”) has vehemently refuted a Wall Street Journal (WSJ) article, labeling it a biased “hit piece” riddled with inaccuracies and negative presumptions. The article alleges Zhao acted as a “fixer” for World Liberty Financial (WLF), a decentralized finance project linked to President Donald Trump’s family, facilitating introductions and meetings during foreign trips. Zhao strongly denies this, asserting he only met a Pakistani official mentioned in the article for the first time in Pakistan, contradicting the WSJ’s claim of prior connections orchestrated by Zhao.

The WSJ investigation delves into WLF’s complex web of diplomatic and business interests, raising concerns about the overlap between public duties and private ventures. The focus is on WLF co-founders Steve Witkoff (US Special Envoy to the Middle East under the Trump administration) and his son Zach, who secured a reported $2 billion crypto deal. The report questions the potential intertwining of diplomatic efforts with private crypto initiatives, suggesting Zhao may have been attempting to gain favor with the Trump administration. Zhao’s May 6th confirmation of seeking a pardon from the Trump administration for a previous money laundering conviction further fuels this speculation.

The WSJ article also highlights that WLF, having raised over $600 million in token sales, doesn’t fully disclose its investors beyond a few publicly known figures like Justin Sun, who attended Trump’s May 22nd memecoin dinner. This event, hosted for major investors of Trump’s TRUMP memecoin, included Sun, Magic Eden CEO Jack Lu, and BitMart CEO Sheldon Xia.

Zhao contends the WSJ’s questioning was based on flawed assumptions and inaccuracies. He claims the publication is a mouthpiece for anti-crypto forces seeking to hinder the US’s emergence as a crypto capital. He accuses the WSJ of launching a broader attack against crypto, global crypto leaders, and the pro-crypto administration, aiming to stifle the industry’s growth. This isn’t Zhao’s first clash with the WSJ; he previously dismissed an April 11th report alleging he agreed to testify against Justin Sun. He further alleges the WSJ received payment to tarnish his reputation.