Since its publication, speculation has spread across social media, accusing Coinbase of being the anonymous source behind the story.
“We absolutely did not contribute to this story. We don’t attack competitors.”
He stated that the company focuses on expanding the broader crypto ecosystem and welcomes the presence of others who share that vision.
Grewal’s statement was in response to crypto influencer Matt Wallace’s controversial speculation on X.
He argued that such a comeback might threaten Coinbase’s dominant position, especially given its higher trading fees and ongoing criticism around customer service.
“I’d bet that a competitor like Coinbase is behind this. Higher fees, worse platform. They’re trying to take down Binance, and they’re using the Trump angle to do it.
Although Zhao has not named Coinbase directly, he retweeted several posts suggesting that a competitor was behind the Bloomberg article and labeled the report as “FUD.”
“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.”
Nonetheless, the current controversy comes at a time of heightened scrutiny in the crypto industry, as political affiliations and regulatory outcomes increasingly shape market narratives.
While Coinbase and Binance continue to compete for market share, both are navigating a complex landscape shaped by enforcement action, policy debates, and shifting sentiment.
