Changpeng Zhao, the CEO of Binance, filed a lawsuit against Modern Media CL, the publisher of Bloomberg Businessweek in Hong Kong, on Monday, alleging defamation over a title of a translated Chinese language article that described the executive of the cryptocurrency exchange as operating a “Ponzi scheme.”
Changpeng Zhao, the CEO of Binance, is suing Bloomberg Businessweek in Hong Kong for defamation.
The CEO of Binance, also referred to in the cryptocurrency world as “CZ,” filed a lawsuit against Modern Media Company Limited on Monday. Bloomberg content is licensed by Modern Media, an independent organization.
Zhao wanted a retraction, a restraining injunction to prevent the defendants from distributing the publication further, and the removal of the edition from newsstands. In part, modern media has already complied.
Zhao objected to the article’s description of Binance as “sketchy” and an unnamed trader’s characterization of Binance as a “massive [s**tcoin] casino.” According to the motion, these assertions “were obviously designed to mislead readers into believing that Zhao was breaking the law.”
While most of the journalists at Bloomberg are fine, CZ noted on the original piece on June 25 that “this time, it was bad.” He said, “Be accountable for your actions,” on Monday.
Bloomberg: hey, we will do a nice profile piece on you, invite you for photoshoots, etc. Then switches the story last minute. Ignore all positive comments they got from 3rd parties. Picked only old negatives. And still puts you on the cover. WTF!? Unprofessional.
Zhao is attempting to have the allegedly defamatory words never again printed by the publication in Hong Kong. Along with damages, interest, and fees, he also wants the statements to be taken back and removed.
Be accountable for your actions.
Before the lawsuit was filed, Bloomberg reportedly addressed some of Zhao’s complaints by modifying the article’s headline to “The Mysterious Changpeng Zhao.”
It is also understood that the offensive social media posts were taken down and that Hong Kong had recalled physical copies of the translated piece.
The lawsuit was filed as a personal suit and is unrelated to the exchange or company.
To make sure that its operations and business are safeguarded and effectively represented abroad, the corporation is concentrating particularly on bolstering its legal staff in various regions of the world.