Binance CEO Changpeng Zhao is suing Bloomberg Businessweek in Hong Kong for defamation.

- Advertisement -

On July 25, the CEO of Binance, known as “CZ” in the crypto community, sued Hong Kong-based publisher Bloomberg Businessweek Modern Media Company Limited. Modern Media is an independent entity that licenses Bloomberg content.

- Advertisement -

registration contained allegations of libel that stem from a Chinese-translated article alleging that the exchange boss used a Ponzi cryptocurrency scheme.

- Advertisement -

The documents claimed that Modern Media published a report that “contained false, malicious and defamatory statements about Zhao and his company Binance Holdings Limited.”

The Chinese edition published its own version of the Bloomberg message dated June 23. article titled “Can Crypto’s Richest Man Stand the Cold?” but was published under the title “Zhao Changpeng’s Ponzi Scheme”.

On June 25, CZ commented on the original article: “While most of the journalists at Bloomberg are good, it was bad this time.” July 25 he said“Take responsibility for your actions.”

Zhao is also suing the publication for using the title with a link to Ponzi in the Chinese edition of Bloomberg Businessweek’s social media accounts to promote the article. The Chinese-language article was also distributed in Hong Kong on July 7, according to the documents.

The filing is a personal lawsuit and has nothing to do with the exchange or the company, as Binance confirmed when Cryptooshala reached out for comment.

A reopening petition was also filed against Bloomberg in the United States for defamation stemming from the original article. This read:

“Surprisingly, the original article contained several serious and defamatory allegations made against Zhao and Binance that were completely unfounded and were clearly intended to mislead readers into believing that Zhao and Binance were engaged in illegal or questionable activity.”

Zhao is seeking a ruling preventing the publication from ever reprinting allegedly defamatory statements in Hong Kong. He also wants to see the deletion and withdrawal of applications, along with damages, interest, and expenses.

According to court documents, Bloomberg partially addressed some of Zhao’s concerns before filing the lawsuit by changing the title of the article to “The Mysterious Changpeng Zhao.”

It is also known that defamatory social media posts have been removed and physical copies of the translated article have been retracted in Hong Kong.

Binance Files US Lawsuit Against Forbes and Two Crypto Journalists

This is not the first time that Zhao and Binance have sued the media. In 2020, Binance Holdings Ltd sued Forbes Media LLC for defamation, but quietly dropped the case the following year.

Cryptooshala reached out to Binance for comment, but received no response as of press time.