Tensions between leading crypto exchanges Coinbase and Binance have escalated as both firms confront public accusations tied to political influence and media manipulation. Coinbase’s chief legal officer, Paul Grewal, rejected allegations on July 13 that the exchange acted as an anonymous source in a Bloomberg investigation scrutinizing Binance’s support for President Donald Trump-affiliated World Liberty Financial and its USD1 stablecoin. Grewal stated on social media platform X:

Sorry— this is pure misinformation. We absolutely did not contribute to this story. We don’t attack competitors, and we welcome any businesses that share our goal of growing the crypto pie.

His remarks came after speculation from online commentators that Coinbase fed damaging information to reporters in an attempt to undercut Binance’s standing in the U.S. market.

Binance founder and former CEO Changpeng Zhao (CZ) also denounced allegations reported by Bloomberg, which detailed the exchange’s behind-the-scenes role in building and promoting USD1 and its financial implications for the Trump family. Zhao stated: “FUD. Bloomberg just wrote another hit piece (sponsored by a competitor) containing so many factual errors I don’t even know where to begin. Might have to sue them again for defamation.”

While Bloomberg’s report showed Binance wallets holding over $2 billion in USD1 and highlighted Zhao’s effort to seek a presidential pardon, it did not identify any sources from Coinbase. Still, online figures speculated. Ian Miles Cheong, for example, posted: “Bloomberg is a disgusting rag. I’d bet that a competitor like Coinbase is behind this. Higher fees, worse platform. They’re trying to take down Binance, and they’re using the Trump angle to do it. So much for journalism.” Wall Street Mav opined: “Binance is the world’s largest crypto exchange. They assist with early-stage projects all of the time. The media is trying to twist it into a controversy, all just to take a shot at Trump.”

Coinbase’s forceful denial highlights growing sensitivity among crypto exchanges to reputational risk in a politically charged environment. Binance, meanwhile, is working to restore its standing following regulatory settlements, while pushing back hard against what it views as unfair or coordinated attacks. With both companies rejecting involvement in any smear campaign, the episode illustrates how competition in the crypto industry increasingly plays out not just on trading platforms, but also in the public and political arenas.

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