The CEO of one of the world’s largest cryptocurrency exchanges reportedly filed a proceeding against a Bloomberg subsidiary in Hong Kong on suspicion of defamation.
Binance sues Bloomberg in Hong Kong for defamation charges
The CEO Binance of one of the world’s largest cryptocurrency exchanges reportedly filed a proceeding against a Bloomberg subsidiary in Hong Kong on suspicion of defamation. Changpeng “CZ” Zhao has taken legal action against a July 6 article accusing the CEO of implementing the “Ponzi scheme.”
The traditional Hong Kong Chinese version of Bloomberg Businessweek, run by Modern Media since 2013, was named in the proceedings. Modern Media changed the title of the original June 23 article “Can the Wealest Man of Cryptography Can Endure the Cold?” To “Changpeng Zhao’s Ponzi Scheme”, “Embarrassment” and ” CZ said it caused “confusion.”
The CZ also filed a disclosure request with Bloomberg in the United States in June because of its original defamation. Blockworks tried to contact Binance and Bloomberg, but there was no response at the time of the press.
The comments here says it all. While most journalist at Bloomberg are good, but this time, it was bad.
— CZ 🔶 BNB (@cz_binance) June 24, 2022
According to the report, Binance officials said the article has exacerbated its character in the crypto community and other business circles due to the widespread business week in Hong Kong.
Other Legal Actions to Protect CZ’s Binance Brand
This isn’t the first time the CZ has taken steps against publications to protect his personal and Binance brand images. In 2020, the CEO sued Forbes Media for defamation over an article explaining the method the exchange used to bypass regulatory agencies.
In less than two years, Binance has promised $ 200 million to global media companies, and CZ said he looks forward to “strengthening Forbes’ digital initiatives.” CZ has asked Modern Media to withdraw the item and remove it from the retail shelves. He also requested formal apology and compensation, including serious damages.
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