Binance’s CEO tried to sue Bloomberg over defamation

The CEO of Binance, Changpeng Zhao, has filed a lawsuit against Bloomberg’s Modern Media Company over the cover headline “Changpeng Zhao’s Ponzi Scheme.”

The CEO of Binance, Changpeng Zhao, has launched a defamation case against Modern Media Company, a subsidiary of Bloomberg.

Today, the Hong Kong Economic Times (HKET) confirmed that Changpeng Zho would file a lawsuit against Bloomberg’s Chinese-language affiliate Modern Media Company.

The media firm published the 250th edition of Bloomberg Businessweek with the headline “Changpeng Zhao’s Ponzi Scheme.”

The argument for Zhao emphasised that Modern Media is an influential newspaper and contended that the cover headline damaged his public image and caused him anguish. The company has been urged to retract its defamatory remarks against Zhao, to give an official apology, and to pay monetary compensation, including damages.

Zhao hinted at his participation in the matter by retweeting a post from Watcher Guru today, but neither Zhao nor Binance have responded to the claims.

Bloomberg seems to have partly addressed Zhao’s concerns before filing the lawsuit. Last Monday, several instances of the offending title were reportedly altered to “The Mysterious Changpeng Zhao,” according to reports from elsewhere.

This is not the first time Zhao has sued a prominent news organisation; Binance sued Forbes in 2020 over a story that accused the company of secretly funnelling money and evading regulations. Early in 2021, Binance abandoned the case and, a year later, announced a $200 million investment in the media behemoth.

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