Binance co-founder CZ reposted a tweet alleging that Coinbase targeted Trump’s crypto project and Binance. Coinbase executives feared losing market share to Binance, prompting efforts to undermine competitors. Wallace warned that Binance could severely damage Coinbase’s business if it returns with full legal status.

Binance was linked to Trump’s USD1 stablecoin, developed the smart contract for World Liberty Financial. Zhao applied for a presidential pardon after USD1 was used in a $2 billion deal involving a UAE fund’s investment in Binance. Over 90% of USD1 tokens remain in Binance wallets, potentially generating millions in annual interest revenue.

Zhao pleaded guilty to a felony count in 2023, seeking a presidential pardon to return to a US crypto business. Since his release, he has been advising Kyrgyzstan on blockchain and crypto-related regulation and was appointed as an adviser to Pakistan’s Crypto Council. Zhao’s activities have extended beyond his legal issues.

Read more at Cointelegraph: CZ Retweets Claims Coinbase Behind Bloomberg’s Trump Stablecoin Report