Binance CEO Changpeng Zhao files lawsuit against Bloomberg Businessweek

Binance boss Changpeng "CZ" Zhao plans to take legal action against an article in Bloomberg Businessweek.

Binance boss Changpeng "CZ" Zhao plans to take legal action against an article in Bloomberg Businessweek. The accusation: defamation.

According to various media reports, Changpeng Zhao, the CEO of Binance, has sued Bloomberg Businessweek. The head of the world's largest crypto exchange accuses the magazine of making libelous statements in the Chinese version of an article published in June this year.

Hong Kong Economic Times also reports on CZ's legal steps, writing that the headline of the Chinese article read: "Changpeng Zhao's Ponzi Scheme". Moreover, the English version of the article was problematic in this regard as well. According to a legal document, the original article contained statements that were "completely unfounded and clearly intended to mislead readers into thinking Zhao and Binance were involved in illegal activities." They cited, among other things, the article's claim that Binance was a "shitcoin casino".

"Most Bloomberg journalists are good, but this time they were bad," CZ responded to the Bloomberg piece in June.

The Binance boss explained that they were planning to write a nice feature about him and then, at the last moment, the story was turned. This isn’t the first time CZ has taken action against the media. In 2020, the CEO filed a complaint against Forbes before his crypto exchange took a $200 million stake in the American business publication earlier this year.