Binance CEO Sues Bloomberg’s Hong Kong Partner for Defamation

Binance CEO Changpeng Zhao on Monday filed a lawsuit against Bloomberg Businessweek’s Hong Kong publisher Modern Media CL claiming defamation over a translated Chinese language article title that portrayed the crypto exchange chief as running a “Ponzi scheme.”“Can Crypto’s Richest Man Stand the Cold?”

But in Hong Kong, Modern Media ran a different headline designed – according to Zhao’s representative – to spur “hatred, contempt and ridicule” for the world’s richest crypto billionaire: “Zhao Changpeng’s Ponzi Scheme.” Zhao demanded a retraction, called for the edition’s removal from newsstands and for a restraining order to stop the defendants from further spreading the portrayal. Modern Media has already obliged in part.filed a motion for discovery against Bloomberg LP and Bloomberg Inc. in the U.S. District Court for the Southern District of New York, claiming “defamatory allegations” in the profile piece.

There, Zhao took issue with the article’s portrayal of Binance as “sketchy” and with an anonymous quote from a trader that called Binance a “massive [s**tcoin] casino.” These statements “were obviously designed to mislead readers into believing” that Zhao was breaking the law, the motion read.

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