On May 22, Changpeng 'CZ' Zhao — co-founder and former CEO of cryptocurrency exchange Binance — strongly rebutted an article from The Wall Street Journal (WSJ), claiming it was a 'hit piece' full of negative assumptions and falsehoods.
In a post on platform X (formerly Twitter), CZ condemned the WSJ's portrayal of his connection with World Liberty Financial (WLF) — a decentralized financial project backed by a business organization linked to former U.S. President Donald Trump. Notably, two of Trump's sons, Eric Trump and Donald Trump Jr., are also involved in managing WLF.
'I am not paving the way for anyone' – CZ rebuts the assigned role
The WSJ suggested that CZ acted as a 'go-between' for the WLF group and co-founder Zach Witkoff, helping to arrange meetings during overseas trips. The article particularly highlighted a visit to Pakistan, during which WLF was said to have signed a memorandum of cooperation with a local official.
CZ completely denies these allegations, stating that he has neither arranged nor introduced anyone, especially the person referred to by the WSJ as 'Mr. Saqib.' CZ asserts:
'They had known each other long before, while I only met Mr. Saqib for the first time in Pakistan.'
The complex relationship between diplomacy and cryptocurrency?
The WSJ's investigative piece delves into the connection between diplomatic interests and private crypto projects. According to the WSJ, Steve Witkoff, father of Zach, currently serves as the U.S. Special Envoy to the Middle East under the Trump administration. Meanwhile, Zach is said to have participated in negotiating a cryptocurrency deal worth up to $2 billion.
The article raises the question: Could U.S. diplomatic activities be used as a tool to support private interests in the cryptocurrency industry? And is CZ — a prominent global figure in crypto — trying to win favor with the Trump administration?
CZ confirms he is seeking a pardon from the Trump administration
On May 6, CZ admitted that he was seeking a pardon from the Trump administration related to a previous money laundering conviction in the U.S. — information that further raised doubts about his motives in relation to WLF.
The article also reveals that WLFI (the investment branch of WLF) has raised over $600 million through token sales, yet has not publicly disclosed a full list of investors, except for a few notable names such as Justin Sun (founder of TRON), who attended a dinner for Trump memecoin investors hosted by Donald Trump on May 22. The event also featured CEO of Magic Eden – Jack Lu and CEO of BitMart – Sheldon Xia, all of whom posted photos at the event.
'The attack on the crypto industry' – CZ criticizes the WSJ
CZ stated that the WSJ sent him a list of questions filled with 'false and negative assumptions.' He and his PR team responded, pointing out numerous factual errors, but the final article still 'relied on a false narrative from the beginning.'
He criticized the WSJ as the 'mouthpiece' for forces against cryptocurrency in the U.S., saying that those behind the article are trying to hinder efforts to make the U.S. a global center for crypto.
'They want to attack cryptocurrency, global leaders in the industry, and the administration that supports crypto,' CZ asserts.
Not the first time CZ has 'responded' to the WSJ
Previously, on April 11, the WSJ also published an article citing anonymous sources claiming that CZ had agreed to testify against Justin Sun after reaching an agreement with U.S. prosecutors. CZ quickly denied this, stating that 'someone cooperating with the government should not go to jail' and he suspects someone is paying the WSJ reporter to tarnish his reputation.
Summary: The incident between CZ and the WSJ is sparking intense debates about the role of crypto giants in politics, as well as the relationship between diplomatic interests and personal interests in the cryptocurrency industry. Upcoming developments in the case will certainly continue to attract the attention of the global crypto community.