Amidst the heating competition among crypto exchanges in this bull run, defamation allegations have been thrown at Coinbase. According to a popular yellow-page journalist Matt Wallace, Coinbase is the one who allegedly ordered Bloomberg & Reuters to orchestrate a smear campaign against Binance.
In the message started with all caps, Matt Wallace took it up a notch by blaming Coinbase for obnoxious fees, intentionally excluding Dogecoin in 2021’s bull run. The celebrity gossip spreader alleged that Coinbase is “scamming millions of Americans” by running a platform with obnoxious fees, charging 6 times more than Binance in fees.
Binance’s CZ Claps Back At Bloomberg
By the end of the provocative message, Matt Wallace contemplated it’s “time to give Binance full rights in the U.S. so we can leave Coinbase behind”. The smear campaign origins came from Binance’s co-founder Changpeng ‘CZ’ Zhao drawing attention to the latest piece by Bloomberg, dubbed as “Binance Aided Trump Crypto Firm Before Founder Sought Prison”.
This potentially raises a conflict of interest, according to Bloomberg News Journalist Zeke Faux. In response, Binance’s CZ lambasted the video news report as having “many factual errors I don’t even know where to begin”. While not blaming his main rivals for the mass media circus, Changpeng Zhao retweeted Matt Wallace’s aggressive message.
Historically, Binance had quite a few trials & tribulations in the United States, with the former CEO CZ getting sentenced to a 4-month jail bid. Moreover, the popular exchange’s founder was banned from conducting business from a managing position, but the centralized crypto exchange (CEX) complied with the law after the sentence, paying off $4.20 billion in fines.
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Claims suggest Coinbase sponsored negative media reports, including a Bloomberg article, targeting Binance and its founder, CZ, to undermine its rival.
The controversy reignited on July 13, 2025, with crypto influencer Matt Wallace alleging Coinbase as the “anonymous” source, supported by Binance’s CZ.
No definitive proof has been publicly verified; Wallace cites “new evidence,” but Coinbase’s Chief Legal Officer, Paul Grewal, denies it, calling it misinformation.
Coinbase refutes the allegations, stating they don’t attack competitors and welcome market growth, urging further investigation into the true source.
If proven, it could damage Coinbase’s reputation, spark legal action (e.g., CZ’s threatened Bloomberg lawsuit), and intensify crypto exchange rivalries.
