Big Drama: Coinbase and Binance Deny Media Leaks and Market Fight!

Jakarta, Pintu News – The rivalry between two giant crypto exchanges, Coinbase and Binance, is heating up again after allegations surfaced of information leaks that were allegedly used to take down a business rival. Both have vehemently denied carrying out attacks through the media, asserting that the rumors are unfounded. This case adds to the long list of dynamics in the global cryptocurrency industry, which is indeed full of competition, rumors, and tensions between its main players.

Background of Controversy in the Crypto World

The controversy began when a Bloomberg report raised Binance’s alleged involvement in a USD1 stablecoin project linked to World Liberty Financial and former US President Donald Trump. The report mentioned that Binance wallets hold more than $2 billion in USD1, and highlighted the efforts of Binance founder Changpeng Zhao (CZ), who is reportedly seeking a presidential pardon to return to the US market.

Rumors grew on social media after several crypto influencers alleged that Coinbase may be anonymously sourcing Bloomberg in an effort to bring down Binance’s reputation in the American market. These allegations were immediately refuted by Paul Grewal, Coinbase’s Chief Legal Officer, who asserted that the allegations were “pure misinformation” and emphasized that Coinbase does not attack competitors personally or institutionally.

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Intense Competition between Coinbase and Binance

The tension is a result of a long-standing business rivalry. Binance is known as the world’s largest crypto exchange by trading volume, while Coinbase has cemented its position as the most regulated exchange in the United States. Coinbase has built an image as an institution that focuses on legal compliance, while Binance has had a number of regulatory cases but continues to survive and operate globally.

The issue this time became even more sensitive because it involved the possibility of CZ returning to the US market if it received a pardon from the President, which was considered a direct threat to Coinbase’s dominance. Many consider that the competition between the two crypto giants is not only at the business level, but also extends to the realm of politics and public opinion.

Clarification and Stance of Both Parties

Both Coinbase and Binance have issued official statements denying being involved in a “coordinated attack campaign” through the media. Coinbase emphasized that it welcomes all businesses that want to develop the crypto market in a healthy manner. Meanwhile, Binance’s CZ called Bloomberg’s report a “hit piece” or a made-to-order article full of factual errors, and threatened to take legal action for alleged defamation.

This case also highlights the very high reputational risk in the cryptocurrency industry, especially in the midst of the United States’ heated political climate ahead of the election. Many analysts believe that this issue could impact public and investor confidence in the transparency and integrity of major players in the crypto industry.

Impact on Cryptocurrency Industry

In addition to sparking debate among crypto enthusiasts, this case also shows how competition between major exchanges can influence market opinion and the future direction of industry policy. The value of the assets up for grabs is no joke, for example in the report mentioned Binance manages USD1 stablecoin worth more than $2 billion or around Rp32.5 trillion. Not only that, this case shows that the cryptocurrency ecosystem is now increasingly vulnerable to global political and regulatory issues.

Strict regulations in the United States have forced many international exchanges to adjust their operations if they want to survive in the world’s largest market. Meanwhile, Coinbase continues to work to maintain its reputation by upholding the principle of transparency, while Binance is still struggling to restore trust after a series of settlements with US authorities.

Cover

The rivalry between Coinbase and Binance confirms that the dynamics of the crypto industry are not only about technological innovation, but also about business, political, and media maneuvers. This case of alleged media leaks shows how sensitive and complex the relationships between major players in the cryptocurrency market are, as well as a lesson for players and investors to always be aware of the information circulating.

Also Read: Revealed! The Future of Bitcoin and Crypto Market in the Second Half of 2025

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Reference

• CoinCentral. Exchange Rivalry Explodes as Coinbase Denies Attacking Binance. Accessed July 15, 2025.