Coinbase Denies Attacking Binance as Alleged Media Leak Fuels Industry Tensions

Key Points

1. Coinbase’s chief legal officer, Paul Grewal, denied contributing to a Bloomberg story scrutinizing Binance’s support for a Trump-affiliated financial entity and its USD1 stablecoin.

2. Binance founder Changpeng Zhao (CZ) dismissed the Bloomberg report as 'FUD' (fear, uncertainty, doubt) and suggested it contained factual errors, hinting at potential legal action for defamation.

3. Bloomberg’s report highlighted Binance wallets holding over $2 billion in USD1 and raised questions about Zhao’s connections to Coinbase, though no direct evidence was provided.

4. Online commentators speculated that Coinbase might be behind the negative coverage, citing competitive motives and political angles, but these claims were unverified.

5. Both Binance and Coinbase are working to counter what they perceive as unfair or coordinated attacks in a politically charged environment.