CEO of Binance Changpeng Zhao has filed a lawsuit against Bloomberg’s Hong Kong partner, Modern Media CL, for defamation. The chief is suing over a Chinese-translated article that describes Binance Exchange as a “Ponzi scheme”.
This refers to the June 23, 2022 publication of Bloomberg’s Businessweek, with the title: “Can Crypto’s Richest Man Stand the Cold?” However, Businessweek’s local editor in Hong Kong published a different column. The Binance rep said the Hong Kong article was meant to spur “hate, contempt, and ridicule.
Binance demands a retraction of the article
Zhao asked the local publisher to remove the derogatory statement and post. Moreover, he demanded that the edition be removed from newsstands and prevent the defendants from spreading more false and negative messages against the world’s richest crypto owner.
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In a separate motion, Zhao filed a discovery claim against Bloomberg Inc and Bloomberg LP in the U.S. District Court for the Southern District of New York.
Zhao said the Hong Kong article described Binance as a “sketchy” platform. The defendant supported his case with an anonymous quote from a trader who referred to Binance as a “massive shitcoin casino” in the article.
The filing noted that such statements are massively misleading, which could lead traders to believe that the company is breaking the law.
Binance has a strong legal team ready to defend its image
Binance is fighting to maintain its global image and has resources dedicated to the protection strategy. In 2020, the company sued Forbes over allegedly defamatory statements, but the suit was dropped last year. The company then invested in Forbes tied to a SPAC deal.
Zhao also got into a legal battle with Sequoia after suing the venture capital firm for defamation in 2019.
The US court case is an example of how far Binance is willing to go to protect its image. The company has assembled a strong legal team that is always ready to mount a strong challenge against any institution or company that wants to portray its image negatively.
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