The Exchange Wars: Binance Founder CZ Accuses Rival Exchange of Sabotage

Changpeng Zhao, the founder of the cryptocurrency exchange Binance, has shared a post accusing a rival exchange of sabotage.

Wallace claims Coinbase is the "anonymous" source behind negative articles about the cryptocurrency project World Liberty Financial and U.S. President Donald Trump's Binance.

Wallace used the following expressions in his post: “There is evidence that Coinbase is indeed the anonymous source behind the smear campaign against World Liberty Financial and Trump's Binance.”

Coinbase's leadership is reportedly concerned about the possibility of the President granting clemency to CZ and the potential for Binance to return to the U.S. as a legal entity. With high trading fees and poor customer service, it is believed that Binance could lose significant market share if it returns to the U.S. market.

“Binance is the world's number 1 cryptocurrency exchange. Returning to the U.S. as a legal entity would immediately reduce Coinbase's market share and severely damage their revenue. What is most astonishing is that Coinbase is targeting President Trump to undermine its own competitor. This is completely contrary to American culture,” Wallace said.