Binance CEO Files Suit Against Bloomberg Hong Kong for Defamation

Changpeng “CZ” Zhao, the CEO of Binance, alleges that he was defamed in a piece published by Businessweek’s Chinese language publisher in Hong Kong.

According to CZ, the piece caused “distress” and “embarrassment” because of comments he made about running a “ponzi scam.”

The CEO of one of the biggest cryptocurrency exchanges in the world is said to have sued a Bloomberg subsidiary in Hong Kong, claiming that he was defamed.

Due to a July 6 story accusing the CEO of running a “Ponzi scheme,” Changpeng “CZ” Zhao is seeking legal action.

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The lawsuit is named against the Chinese Traditional publication of Bloomberg Businessweek, published in Hong Kong and run by Modern Media since 2013.

Can Crypto’s Richest Man Stand the Cold? It retitled “Changpeng Zhao’s Ponzi Scheme” by Modern Media, which caused “distress” and “embarrassment.”

In the US, CZ has also brought a motion for discovery versus Bloomberg for libel resulting from the initial in June.

Crypto exchange Binance is under investigation by the US. When it’s all over, CEO Changpeng Zhao could end up indicted – or become the richest man in the world
Read The Big Take ⬇️ https://t.co/9pbR2U6MGl
— Bloomberg Crypto (@crypto) June 24, 2022

According to the report, the CEO of Binance claimed that the piece caused a devaluation of his reputation within the cryptocurrency community and other business circles because of Businessweek’s extensive reach in Hong Kong.

Not the First Time Binance Has taken Legal Route

This is not the first time CZ had taken legal action against a newspaper to defend the reputation of both Binance and his brand. In 2020, the CEO filed a slander lawsuit against Forbes Media over a piece that explained how the exchange avoided regulators.

When CZ stated that his business looked forward to “bolstering Forbes’ digital endeavors,” less than two years later, Binance donated $200 million to the multinational media company.

CZ has requested a written apology, compensation, and aggravated damages from Modern Media, in addition to having the article retracted and removed from distributors’ shelves.