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Binance CEO sues Bloomberg subsidiary in Hong Kong over alleged defamation
Binance CEO Changpeng “CZ” Zhao claims he was defamed in an article by the Chinese-language editor of Businessweek in Hong Kong “Distress” and “embarrassment” are said to have been caused by the article, CZ said, over comments that alluded to his running a “Ponzi scheme.” The CEO of one of the world's largest crypto exchanges has reportedly filed a lawsuit against a Bloomberg affiliate in Hong Kong for allegedly defaming him. Changpeng “CZ” Zhao is taking legal action over a July 6 article accusing the chief executive of running a “Ponzi scheme.” The traditional Chinese-language edition of Bloomberg Businessweek in Hong Kong,...
Binance CEO sues Bloomberg subsidiary in Hong Kong over alleged defamation
- Der CEO von Binance, Changpeng „CZ“ Zhao, behauptet, er sei in einem Artikel des chinesischsprachigen Herausgebers von Businessweek in Hongkong diffamiert worden
- „Distress“ und „Peinlichkeit“ sollen durch den Artikel verursacht worden sein, sagte CZ wegen Kommentaren, die auf seine Durchführung eines „Ponzi-Systems“ anspielten.
The CEO of one of the world's largest crypto exchanges has reportedly filed a lawsuit against a Bloomberg affiliate in Hong Kong for allegedly defaming him.
Changpeng “CZ” Zhao is taking legal action over a July 6 article accusing the chief executive of running a “Ponzi scheme.”
The traditional Chinese-language edition of Bloomberg Businessweek in Hong Kong, operated by Modern Media since 2013, was named in the lawsuit.
Modern Media changed the title of the original June 23 article “ Can Crypto's richest man stand the cold? ” to “Changpeng Zhao’s Ponzi scheme,” which caused “dismay” and “embarrassment,” CZ said.
CZ also submitted one Request for discovery against Bloomberg in the US for defamation in connection with the original June.
The comments here say it all. While most journalists at Bloomberg are good, this time it was bad.
—CZ
Binance (@cz_binance) June 24, 2022
The head of Binance said that due to Businessweek's wide reach in Hong Kong, the article led to a deterioration of its character within the crypto community and other business circles, according to the report.
This is not the first time that CZ has taken action against a publication to protect the image of his personal brand as well as that of Binance. In 2020, the CEO sued Forbes Media for defamation over an article that described how the exchange operated to circumvent regulators.
Less than two years later, Binance committed $200 million to the global media company, which CZ said at the time that his company was looking forward to “strengthening Forbes’ digital initiatives.”
CZ has asked Modern Media to withdraw the article and remove the piece from retailers' shelves - and asked for a formal apology and compensation, including serious damages.
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The post Alleged defamation, Binance CEO sues Bloomberg subsidiary in Hong Kong is not financial advice.