Changpeng Zhao, the founder of Binance, accused the Wall Street Journal of accepting payment to discredit the company, causing significant backlash in the cryptocurrency community. This incident highlights the ongoing tensions between Binance and media entities, which could affect public perception and market dynamics.
Zhao Claims Payment to Discredit Binance
Zhao Changpeng publicly alleged that the Wall Street Journal received payments to discredit Binance, asserting that major venture capital firms are influencing this move. These firms, reportedly supporting a U.S. cryptocurrency exchange, are said to have spent millions on lobbying efforts.
Significant attention is focused on this statement due to Binance's influence in the cryptocurrency market. Zhao stated, "WSJ is really trying. They seem to have forgotten who went to jail and who didn't. Witnesses for the government don’t go to jail. They are protected. I heard that someone paid WSJ employees to defame me."
Market reactions indicate the resilience of Binance's native token, BNB. Both critics and supporters have voiced their opinions, with Zhao further expressing that such actions reflect competitive fears within the industry. This incident maintains tensions between media and cryptocurrency companies, demonstrating the complex nature of media narratives in this field.
Compliance Pressure and BNB's Resilience
Did you know? Zhao's accusations against the media follow a pattern of legal action; previously, he sued Bloomberg Businessweek for defamation in 2022.
As of May 23, 2025, Binance Coin (BNB) is valued at $664.48, holding a market capitalization of $93.62 billion, accounting for 2.74% of the cryptocurrency market. The trading volume over the past 24 hours shows a decrease of 22.55% compared to the latest update from CoinMarketCap. BNB has decreased by 3.23% in the past day but has increased by 1.71% in the past week.
Insights from the research team indicate that growing pressure for regulatory clarity could shape Binance's operational strategies. As media scrutiny increases, the importance of maintaining transparent regulatory compliance emerges, potentially influencing the broader digital asset market.