Changpeng Zhao, the founder of Binance, has criticized a Bloomberg article for containing "many factual errors" and suggested that legal action might be considered. Zhao made this statement on social media.
"FUD," said Zhao. "Bloomberg just wrote another hit piece (sponsored by a competitor) containing so many factual errors I don't even know where to begin. Might have to sue them again for defamation."
The comment followed a July 11 Bloomberg feature that suggested Binance coded and promoted the Trump-associated USD1 stablecoin, raising potential conflict-of-interest concerns. Binance has strongly refuted these claims, describing the reporting as speculative and lacking concrete evidence. The exchange emphasizes its commitment to transparency, regulatory compliance, and fairness, framing the media attention as part of a broader negative narrative often aimed at the cryptocurrency industry. According to Bloomberg, Binance has publicly challenged the allegations and urged for balanced, evidence-based coverage.
Despite these allegations, Binance reported in July 2025 that its global user base surged to 280 million—an increase of 30 million users in just under a year—driven by new product rollouts and momentum from U.S. spot-ETF approvals. This growth demonstrates that Binance continues to attract retail, VIP, and institutional clients while maintaining record volumes. Coinspeaker reports that this milestone underlines the platform’s strong market position and user confidence, countering attempts to undermine its legitimacy. This growth comes directly on the heels of accelerating crypto adoption trends and highlights Binance’s resilience in the face of media headwinds.
Media coverage often singles out decentralized finance (DeFi) with scrutiny, painting it as riskier and less legitimate than traditional financial systems. A recent CoinDesk review highlighted that mainstream outlets disproportionately emphasize DeFi’s hacks, exploits, and compliance challenges while downplaying equivalent risks in traditional finance (TradFi), such as bank failures or insider trading. This skewed coverage not only misrepresents DeFi’s real-world performance but also amplifies regulatory pressure and public distrust against platforms like Binance.
Changpeng Zhao, known as "CZ," is pivotal in Binance's ascent since its founding in 2017. Before establishing Binance, he served as Head of Development at Blockchain.info and Chief Technology Officer at OKCoin. His leadership has guided Binance into becoming the world’s largest crypto exchange.
Binance has grown into a global digital asset powerhouse operating in more than 180 countries. Its mission to "increase the freedom of money globally" is executed through offerings in spot and derivatives trading, blockchain research, education, and philanthropy. The company’s decentralized structure showcases its adaptive approach to varying regulatory environments worldwide.