Binance CEO Sues Bloomberg For Defamation

Binance-Bloomberg

✍️ 27 July, 2022 - 9:28 👤 Editor: Jakub Motyka

  • Changpeng Zhao has filed a lawsuit against Bloomberg Businessweek magazine.
  • Filed a defamation lawsuit in the Hong Kong High Court of First Instance.
  • The grounds of the lawsuit are based on the July 6 publication.

Changpeng Zhao (CZ), the CEO of Binance, filed a defamation lawsuit to the Bloomberg subsidiary in Hong Kong. This, after Bloomberg Businessweek magazine published an article referring to his company as the "Changpeng Zhao Ponzi Scheme". According to the Hong Kong Economic Times, the procedure was filed before the Hong Kong High Court of First Instance, stating that the July 6 publication “defamed” him.

The CEO of Binance has requested compensation from Bloomberg, since the reports exposed in the magazine could damage his public image. This type of statement would have a strong impact on the crypto ecosystem and on exchange clients, due to the suspicion associated with pyramid scams or Ponzi schemes. In addition to this, CZ requested that the publication remove all “defamatory comments” and make a formal apology.

What Is The Opinion Of The CEO Of Binance On The Bloomberg Article?

The controversy was started by a Bloomberg article called “Can the richest man in cryptocurrencies withstand the cold?”. However, its title was changed at the time of publication in China to  “Zhao Changpeng's Ponzi scheme”. On this, the CEO of Binance commented on the original article, noting that “although most of the Bloomberg journalists are good, this time they were bad”.

CZ is filing a lawsuit against the print publication of the article distributed in Hong Kong on July 7. He assured that the procedure is in a personal capacity and has nothing to do with Binance as a company. With this, he seeks to obtain a sentence that prohibits the media outlet from re-publishing this type of statement, clearly malicious.

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