World Liberty and Binance Deny Claims Linking CZ to Trump-Backed Crypto Project Dealings Abroad

Leaders of World Liberty Financial and Binance pushed back hard on Friday against a news report alleging that Binance founder Changpeng Zhao acted as a behind-the-scenes facilitator for a decentralized finance (DeFi) project associated with former U.S. President Donald Trump.

The Wall Street Journal report claimed Zhao—known widely in crypto circles as "CZ"—may have helped open doors for World Liberty Financial in Pakistan, Abu Dhabi, and Kyrgyzstan. While the article did not provide concrete evidence of wrongdoing, it suggested Zhao’s connections may have been leveraged to promote the Trump-linked initiative abroad.

World Liberty Financial co-founder Zak Folkman dismissed the claims as baseless in a statement posted on the company’s official X (formerly Twitter) account. “The suggestion that CZ acted as a ‘facilitator’ or ‘fixer’ for Zach Witkoff or WLFI is not only false, it’s laughable,” Folkman wrote, referencing both himself and fellow co-founder Zach Witkoff.

Zhao also responded swiftly and publicly. In a series of posts made prior to World Liberty’s statement, he rejected the allegations and accused unnamed actors of orchestrating a smear campaign. “I am not a fixer for anyone,” Zhao stated, before suggesting that “a major VC” backing a U.S. crypto exchange may be lobbying against Binance’s growing U.S. presence. “Millions paid in ‘lobbying efforts.’ Fear of competition,” he claimed.

While Zhao and Witkoff are said to be personal friends, both parties firmly denied any business relationship that could be construed as influence-peddling. A Binance spokesperson reiterated the platform’s global mission: “CZ has been driving global innovation in crypto. Binance would be proud to help make the U.S. the crypto capital of the planet.”

The timing of the article adds to a wave of scrutiny that’s followed World Liberty Financial, Binance, and Zhao in recent months—much of it sparked by Zhao’s guilty plea in 2023 to failing to maintain adequate anti-money laundering controls. He served four months in prison and paid a $50 million fine. Binance also paid a $4.3 billion settlement, one of the largest in corporate history.

Meanwhile, World Liberty Financial has been gaining traction with its USD-pegged stablecoin, USD1. Earlier this month, Abu Dhabi’s MGX investment firm agreed to use USD1 to finalize a $2 billion deal with Binance, further raising the profile of the Trump-inspired project.

While Zhao recently confirmed he had applied for a presidential pardon, he emphasized that the request came after it was reported, not before. That distinction hasn’t slowed speculation around the ties between crypto power players and the Trump camp.