Chief Executive Officer of Binance Changpeng Zhao has filed a lawsuit against Bloomberg’s Hong Kong partner Modern Media CL for defamation. The chief is suing over a translated Chinese language article that portrayed Binance Exchange as a “Ponzi scheme.”
This refers to the June 23, 2022 publication of Bloomberg’s Businessweek, with the title: “Can Crypto’s Richest Man Stand the Cold?” However, the local publisher of Businessweek in Hong Kong ran a different heading. Binance’s representative stated that the Hong Kong article was to spur “hatred, contempt, and ridicule.
Binance Demands A Retraction Of The Article
Zhao has demanded the local publisher retract the statement and contemptuous publication. Additionally, he demanded that the edition should be removed from newsstands and to restrain the defendants from further spreading untrue and negative messages against the world’s richest crypto owner.
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In a separate motion, Zhao filed for discovery against Bloomberg Inc and Bloomberg L.P in the U.S District Court for the Southern District of New York.
Zhao stated that the Hong Kong article portrayed Binance as a “sketchy” platform. The defendant supported his filing with an anonymous quote from a trader who called Binance a “massive shitcoin casino” in the article.
The filing noted that such statements are massively misleading, which could make traders believe that the company is breaking the law.
Binance Has a Strong Legal Team Ready To Defend Its Image
Binance has been fighting to keep its global image and has dedicated resources for the protection strategy. In 2020, the company sued Forbes over allegedly defamatory statements, but the suit was dropped last year. The firm later invested in Forbes linked to a SPAC deal.
Zhao has also engaged in a legal battle with Sequoia after suing the venture capital firm for defamation claims in 2019.
The U.S court filing is an example of the extent Binance is willing to go to protect its image. The company has assembled a strong legal team that is always ready to mount a strong challenge against any institution or company that wants to portray its image negatively.