Binance CEO is suing Bloomberg Businessweek in Hong Kong, accusing the outlet of defamation.
Known by the crypto community as CZ, the CEO sued Bloomberg Businessweek’s Hong Kong publisher Modern Media Company Limited. Modern Media is an independent entity that licenses Bloomberg content. The filing contained defamation claims which stem from a translated Chinese article that alleged the exchange boss was running a crypto Ponzi scheme.
The filing documents claimed that Modern Media published a report that contained false, malicious and defamatory statements about Zhao and his company, Binance Holdings Limited.
Zhao is also suing the publication for using the Ponzi-referencing title in the Chinese edition of Bloomberg Businessweek’s social media accounts to promote the article. The Chinese language article was also distributed in print around Hong Kong according to the filings.
Zhao is pursuing a ruling barring the publication from ever republishing the allegedly defamatory statements in Hong Kong. He also wants to see the removal and recalling of the statements along with damages, interest and costs.
According to court documents, Bloomberg partially satisfied some of Zhao’s concerns before the lawsuit was filed by changing the article title to The Mysterious Changpeng Zhao.It is also understood that the defamatory social media posts were deleted and physical copies of the translated article had been recalled in Hong Kong.
