Binance co-founder and previous CEO Changpeng “CZ” Zhao has countered a report from The Wall Street Journal, labeling it a “hit piece” rife with inaccuracies and detrimental assumptions.
In an X post, Zhao condemned the outlet’s depiction of his supposed association with World Liberty Financial, the decentralized finance initiative supported by a business entity linked to US President Donald Trump. Trump’s sons — Eric and Donald Jr. —are engaged in the company’s management.
Zhao indicated that the WSJ piece depicted him as functioning as a “fixer” for the WLF team and its co-founder Zach Witkoff during international excursions.
The report implied Zhao facilitated connections and discussions for WLF leaders abroad, including a trip to Pakistan that reportedly led to a memorandum of understanding with a local authority.
“I am not a fixer for anyone,” Zhao asserted, firmly denying having connected Pakistani official “Mr. Saqib” with WLF or arranged any foreign engagements. “They had known each other quite some time, whereas I only met with Mr. Saqib for the first time in Pakistan.”
WSJ details on Steve and Zach Witkoff
Zhao’s reaction follows a WSJ examination emphasizing a convoluted web of diplomatic and business interests related to WLF.
The report raised alarms about the indistinct boundaries between public responsibilities and private interests, focusing on diplomatic and commercial engagements involving WLF co-founders Steve Witkoff and his son, Zach Witkoff. Steve Witkoff acts as the US Special Envoy to the Middle East under the Trump administration, while Zach Witkoff has been engaged in securing a reported $2 billion crypto arrangement.
The report questioned whether diplomatic initiatives overlapped with private crypto endeavors, suggesting Zhao might have been trying to gain favor with the Trump administration.
On May 6, Zhao affirmed that he is pursuing a pardon from the Trump administration for his previous money laundering conviction.
The report also noted that WLFI, which raised more than $600 million in token sales, does not reveal the identities of all its backers apart from some publicly recognized individuals like Tron founder Justin Sun, who participated in Trump’s memecoin dinner on May 22.
Trump hosted the dinner for the primary investors of his Official Trump (TRUMP) memecoin. Sun, Magic Eden CEO Jack Lu, and BitMart CEO Sheldon Xia were among those present and shared snapshots from the occasion.
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Zhao asserts the WSJ report is an “assault” on crypto
Zhao asserted that the WSJ submitted a set of questions containing what he referred to as “incorrect and damaging assumptions.” He and his public relations team reacted by highlighting multiple factual inaccuracies, he noted, but concluded that the article was “constructed on a flawed narrative.”
Zhao criticized the WSJ, describing it as a “mouthpiece” for anti-crypto forces within the United States. He stated that the forces behind the publication aim to undermine efforts to establish the US as a crypto hub.
“They wish to target crypto, global crypto leaders, and the pro-crypto administration,” CZ claimed, asserting that the article forms part of a wider initiative to suppress the sector’s expansion in the US.
This is not the initial occasion Zhao has responded to the WSJ recently. In an April 11 report, the outlet cited anonymous sources claiming that Zhao consented to testify against Tron founder Justin Sun as he resolved matters with US prosecutors.
CZ dismissed the account, stating that individuals who become government witnesses do not end up in prison and are protected. CZ also asserted that someone compensated WSJ staff to tarnish his reputation.
https://www.youtube.com/watch?v=VKc5QcRvdc0[/embed>
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