Binance CEO files defamation case against Bloomberg- Here’s why

ambcrypto.com:

In what can be called, “yet another lawsuit in the crypto industry,” Changpeng Zhao, CEO of Binance has filed a defamation suit against a Bloomberg subsidiary (Modern Media CL)

The lawsuit was filed on 25 July. The issue stemmed from a title of a translated article in Chinese that portrayed Zhao as the head of a “Ponzi scheme.”

The lawsuit is related to Zhao’s image in Bloomberg Businessweek’s article “Can Crypto’s Richest Man Stand the Cold?” published on 23 June.

But in Hong Kong, Modern Media CL used a different headline to incite “hate, scorn, and derision” for Zhao, according to Zhao’s spokesman. The headline used by Modern Media CL read as “Zhao Changpeng’s Ponzi Scheme.” 

Zhao wanted the article to be retracted. He also wished for a restraining order to prevent the defendants from tarnishing his name further. Modern Media, however, partially complied with Zhao’s demands. 

Despite the aforementioned development, Zhao filed a separate motion for discovery against the defamatory charges in the U.S. District Court for the Southern District of New York.

He objected to the article’s description of Binance as “sketchy” and an unnamed trader’s description of Binance as a “huge shitcoin casino.” According to the motion, these assertions were designed to mislead readers into assuming that Zhao was breaking the law.

— CZ