Alleging Defamation, Binance CEO Sues Bloomberg Hong Kong Subsidiary
InterServer Web Hosting and VPS

  • Binance CEO Changpeng “CZ” Zhao claims he was defamed in an article ran by the Chinese language publisher of Businessweek in Hong Kong
  • “Distress” and “embarressment” are alleged to have been brought about by the article, CZ said, for comments alluding to his operating of a “ponzi scheme”

Alleging he was defamed, the CEO of one of the world’s largest crypto exchanges has reportedly filed a lawsuit against a Bloomberg subsidiary in Hong Kong.

Changpeng “CZ” Zhao is pursuing legal action related to a July 6 article, which accuses the chief executive of operating a “Ponzi scheme.”

InterServer Web Hosting and VPS

The traditional Chinese-language edition of Bloomberg Businessweek in Hong Kong operated by Modern Media since 2013 has been named in the suit.

Modern Media changed the title of the original June 23 article “Can Crypto’s Richest Man Stand the Cold?,” to “Changpeng Zhao’s Ponzi Scheme,” which caused “distress” and “embarrassment,” CZ said.

CZ has also filed a motion for discovery against Bloomberg in the US for defamation stemming from the original in June.

Blockworks attempted to contact Binance and Bloomberg but did not receive a reply by press time.

The head of Binance said — due to the wide reach Businessweek has in Hong Kong — the article led to a degradation of his character within the crypto community and other business circles, according to the report.

It’s not the first time CZ has taken action against a publication to protect the image of his personal brand, as well as that of Binance. In 2020 the CEO sued Forbes Media for defamation stemming from an article that described how the exchange went about avoiding regulators.

Less than two years later, Binance committed $200 million to the global media company where CZ said at the time his company looked forward to “bolstering Forbes’ digital initiatives.”

CZ has asked Modern Media to retract the article and to remove the piece from distributors’ shelves — as well as requesting a formal apology and compensation including aggravated damages.

Attend DAS, the industry’s favorite institutional crypto conference. Use code NYC250 to get $250 off tickets (Only available this week) .

  • Blockworks

    Senior Reporter, Asia News Desk

    Sebastian Sinclair is a senior news reporter for Blockworks operating in South East Asia. He has experience covering the crypto market as well as certain developments affecting the industry including regulation, business and M&As. He currently holds no cryptocurrencies.

    Contact Sebastian via email at [email protected]

Source link