The CEO of the world’s largest digital assets exchange – Binance is suing Bloomberg Businessweek for defamation in the Hong Kong High court. Changpeng Zhao popularly known as CZ across the web filed a lawsuit against the global media giant, citing the report published by Bloomberg Businessweek on July 6 as defamation against him. He firmly stated that the cover of the July 6 Businessweek edition was misleading and contained false and unproven criminal charges against him
The lawsuit filed by Changpeng Zhao is represented by José-Antonio Maurellet, SC, of Des Voeux Chambers, against Modern Media Company. This news was put out by Watcher guru and confirmed by CZ by retweeting one of their tweets as can be seen in the picture below
CZ’s lawsuit against Bloomberg Businessweek 250th issue
The defamation lawsuit filed by Binance’s CEO brings into notice, Bloomberg Businessweek’s 250th issue covering him . The cover of the issue was highly misleading and was titled “Changpeng Zhao’s Ponzi Scheme.” The lawsuit also goes on to mention the social media posts on Facebook and Twitter apart from the Businessweek cover itself.
CZ who is widely known and loved and venerated in the crypto community across the globe saw this edition to be ill intended. He stated that the Modern Media is an influential and widespread medium of news and that the misleading content against him is harming his image and garnering negative sentiment against him. Being a global icon and one of the biggest influencer in his field, this defamatory content could do real damage to his reputable image.
The lawsuit also highlighted the embarrassment and distress that CZ had to go through because of Bloomberg’s false reporting and asks Modern Media to take down the defamatory report and issue a formal apology to CZ. Additionally, further compensation has been demanded for the damage caused.
Binance, was founded in 2017 and has over a period of 5 years witnessed tremendous growth. So much so that today it is one of the most trusted and preferred brands in the crypto industry. Binance recently overtook another crypto giant Coinbase to become the exchange to hold the maximum number of Bitcoins.
The exchange recently celebrated its fifth anniversary. As a part of its fifth anniversary celebrations, Binance had announced several giveaways and zero bitcoin trading fees. The zero trading fees on Bitcoin comes in when other exchanges are struggling to make ends meet and laying off their staff. That shows the scale at which Binance is operating and how CZ’s vision is shaping up the company.
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