Binance CEO, Changpeng Zhao, aka CZ, is suing Bloomberg Businessweek for defamation in the Hong Kong High court. The largest global crypto exchange CEO filed a lawsuit citing the report published by Bloomberg Businessweek on July 6 as defamation against him. He stated that the cover of the report and the related news that came out included false and unproven criminal charges.
The lawsuit filed by Changpeng Zhao is represented by José-Antonio Maurellet, SC, of Des Voeux Chambers, against Modern Media Company. Changpeng Zhao reached out to Watcher Guru and confirmed the legitimacy of the news.
CZ’s lawsuit points fingers at the Bloomberg Businessweek 250th issue
The defamation lawsuit filed by CZ highlights Bloomberg Businessweek’s 250th issue about CZ. The cover of the issue was misleading and was titled “Changpeng Zhao’s Ponzi Scheme.” The lawsuit also cites the 250th issue along with social media posts on Facebook and Twitter.
CZ, who is one of the prominent personalities in the industry, highlighted in the lawsuit that Modern Media is an influential and large medium and that the defaming news is spreading hate and harming CZ’s image.
The lawsuit 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, which was founded in 2017, has had the most remarkable growth over the last five years. The exchange recently celebrated its fifth anniversary. Recently, the exchange flipped Coinbase for the highest number of bitcoin held, marking another milestone for CZ’s exchange.
As a part of its fifth anniversary, Binance has also announced several giveaways and zero bitcoin trading fees. Binance has proven its resilience during the crypto winter, even when companies were laying off employees and struggling to stay afloat.
The lawsuit also highlighted the embarrassment and distress that CZ had to go through because of Bloomberg’s false reporting.