Binance vs Bloomberg

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The CEO of Binance sues a Bloomberg subsidiary for slander

Binance vs Bloomberg
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1658826882 26 Jul / 09:14

The Chinese division of Bloomberg reposted a story titled "Zhao Changpeng's Ponzi Scheme." Changpeng Zhao, CEO of Binance, is suing Bloomberg Businessweek in Hong Kong for slander.

On Monday, CZ, the CEO of Binance, filed a lawsuit against Bloomberg Businessweek's Hong Kong publisher, Modern Media Company Limited. Modern Media is an independent company that licenses material from Bloomberg.

The complaint featured slander accusations based on a translated Chinese article that stated the exchange's CEO was operating a cryptocurrency Ponzi scheme.

Modern Media allegedly published a piece containing “false, malicious, and defamatory claims regarding Zhao and his firm, Binance Holdings Limited,” according to the filing documents.

The Chinese edition reported “Zhao Changpeng’s Ponzi Scheme” instead of the June 23 Bloomberg item “Can Crypto’s Richest Man Withstand the Cold?”

CZ reacted to the original report on June 25 as follows: “While most Bloomberg journalists are good, this time it was awful.” Monday, he stated, “Take responsibility for your acts.”

Zhao is also suing the publisher for using the Ponzi-related title on the social media accounts of the Chinese version of Bloomberg Businessweek to promote the piece. According to the documents, the Chinese-language item was circulated in print across Hong Kong on July 7.

Binance confirmed to Cointelegraph in response to a request for comment that the filing is personal litigation and has nothing to do with the exchange or company.

A petition for discovery was also filed in the United States against Bloomberg for the defamation caused by the original story. It states: “Surprisingly, the Original Article featured several severe and defamatory charges against Zhao and Binance that were wholly baseless and were intended to mislead readers into assuming that Zhao and Binance have engaged in unlawful or unpleasant actions.”

Zhao is seeking a judgment prohibiting the newspaper from publishing the allegedly defamatory claims in Hong Kong. In addition, he demands the removal and recall of the remarks, as well as damages, interest, and fees.

According to court filings, Bloomberg partially addressed some of Zhao’s complaints by modifying the article’s headline to “The Mysterious Changpeng Zhao” before the case was filed.

It is also believed that the defamatory social media posts were removed and that Hong Kong recalled physical copies of the translated piece.

Related: Binance vs SEC: A matter of interest or how interests are regulated

This is not the first time Zhao and Binance have filed a lawsuit against the media. In 2021, Binance Holdings Ltd secretly abandoned its defamation suit against Forbes Media LLC, which it had filed in 2020.

At the publication time, Cointelegraph reached out to Binance officials for comment but had not received a response.

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