Binance founder Changpeng Zhao has forcefully denied a new Wall Street Journal article that links him to the Trump-affiliated crypto venture, World Liberty Financial (WLF). In a May 23 statement, Zhao called the report “politically motivated” and filled with inaccuracies, saying, “I am not a fixer for anyone.”
The WSJ report alleged Zhao helped broker meetings between Pakistani entrepreneur Bilal bin Saqib and WLFI co-founder Zach Witkoff—meetings that reportedly paved the way for a $2 billion Abu Dhabi deal. But Zhao insists he only met Saqib during the trip and that the key parties already knew one another.
CZ vs. Wall Street Journal: An Escalating Battle Over Crypto Coverage
This is not CZ’s first clash with The Wall Street Journal. In April, he denied claims that he had agreed to testify against Tron’s Justin Sun during plea negotiations—calling the report “baseless” and pointing to legal protocols that prevent cooperating witnesses from facing prison.
Now, he says the Journal is ignoring corrections from his team and is engaging in “biased reporting.” The article further implied Zhao had influence over WLF’s $550 million token sales, which Zhao calls “flawed.”
Critics are asking why deals—such as WLF’s Pakistan agreement—seemed to follow Zhao’s meetings if he played no part. Yet CZ maintains the allegations are speculative at best, warning against framing crypto diplomacy through a political lens.
Inside WLFI: Where Crypto, Politics, and Profit Intersect
The WSJ article also highlighted potential conflicts within WLF itself. Co-founder Steve Witkoff holds a diplomatic position as Trump’s envoy while his son Zach manages WLF operations. Meanwhile, WLF has raised over $550 million and is preparing to launch its own stablecoin, USD1, backed by U.S. Treasury assets.
President Trump’s family reportedly owns a 60% stake in WLF, and most token sale proceeds—about 75%—are directed toward personal or political interests, while only 5% goes to platform development.
At a recent gala dinner at Trump National Golf Club, attendees paid millions for exclusive access. Tron’s Justin Sun, also under scrutiny by U.S. regulators, was photographed receiving a gold watch from Trump after becoming a top $TRUMP token holder.
Massive Losses for $TRUMP Investors Add to Pressure
Despite the glitzy dinners and political fanfare, the financial toll is mounting. According to Bloomberg, 19 of the largest $TRUMP wallets are down over 50%—with one losing $48 million. More broadly, about 590,000 wallets have lost a total of $3.9 billion, and WLF-linked entities have collected an estimated $320 million in fees.
CNBC analyst Dan Nathan called the project “a perfect Ponzi scheme,” alleging token prices are propped up to benefit insiders.
Lawmakers are now taking action. Senators Elizabeth Warren and Adam Schiff are pushing for an ethics investigation into WLFI and the broader Trump-token ecosystem. Proposed MEME legislation would prohibit elected officials from profiting off meme coins or affiliated projects.
World Liberty Financial Responds, Stands by USD1 Stablecoin
WLF, in partnership with legal powerhouse BakerHostetler, has pushed back. The company says USD1 is fully backed by short-term U.S. Treasury assets and positions the stablecoin as a tool to boost American economic influence globally.
They argue the Senate’s inquiries are politically driven and that the stablecoin is meant to “anchor global capital in U.S. debt markets,” not enrich politicians.
