Alleging Defamation, Binance CEO Sues Bloomberg’s Hong Kong Publisher

CZ has also filed a motion for discovery against Bloomberg in the US for defamation stemming from the original article in June

article-image

Binance’s Changpeng Zhao

share

key takeaways

  • Binance CEO Changpeng “CZ” Zhao claims he was defamed in an article run by the Chinese language publisher of Businessweek in Hong Kong
  • The article brought about “distress” and “embarrassment,” CZ alleged in the complaint

Alleging he was defamed, the CEO of one of the world’s largest crypto exchanges has reportedly filed a lawsuit against the Hong Kong-based publisher of a Chinese edition of Bloomberg Businessweek.

Changpeng “CZ” Zhao is pursuing legal action related to a July 6 article, which in a headline accused the chief executive of operating a “Ponzi scheme.”

The traditional Chinese-language edition of Bloomberg Businessweek, operated by Modern Media since 2013, has been named in the suit.

A spokesperson for Bloomberg’s news division in a statement distanced the headquartered company from its Hong Kong publisher, saying the lawsuit refers to “a headline that was not published in the original English language version of the story.”

Modern Media changed the title of the original June 23 article “Can Crypto’s Richest Man Stand the Cold?” to “Changpeng Zhao’s Ponzi Scheme,” which caused “distress” and “embarrassment,” Zhao alleged.

The Binance chief has also filed a motion for discovery against Bloomberg in the US for defamation stemming from the original article in June. Libel laws in the US are typically viewed as supportive of journalists.

Loading Tweet..

The head of Binance claimed — due to the wide reach Businessweek has in Hong Kong and in Asia more broadly — the article led to a degradation of his character within the crypto community and other business circles, according to the report.

It’s not the first time Zhao has taken legal action to protect the image of his personal brand, as well as that of Binance. In 2020, the CEO sued Forbes for purported defamation stemming from an article that described how the exchange went about avoiding regulators.

Less than two years later, Binance committed $200 million to the global media company. At the time, Zhao said his company looked forward to “bolstering Forbes’ digital initiatives.”

Zhao asked Modern Media to retract the article and to remove the piece from distributors’ shelves — he has also request for a formal apology and compensation, including “aggravated” damages.

Correction: This article originally referred to Modern Media of Hong Kong as a subsidiary of the US-based Bloomberg. The company is, rather, the Chinese language publisher of Bloomberg Businessweek’s Hong Kong edition. The story has also been updated to reflect a Bloomberg spokesperson’s statement received after publication.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

kamino cover.jpg

Research

Kamino has solidified its position as the leading money market on Solana and is emerging as a DeFi bluechip. Although DeFi competition is fierce, Kamino has kept iterating on its product to provide the best-in-class UX, paired with a robust risk management framework and battle-tested infrastructure. Given the rollout of Kamino Lend V2, the protocol may scale aggressively over the coming months, penetrating previously untapped markets in Solana DeFi.

article-image

Why that the bull market might not start until 2025

article-image

August’s annual headline figure came in at 2.3% after an upward revision Thursday, so things are moving in the right direction 

article-image

MSTR’s stock price was roughly $248 at 2 pm ET Thursday

article-image

Ever since rates came off zero and fiscal deficits exploded, markets have started paying close attention to how the government is funding itself

article-image

Solana memecoins are collectively at an all-time high

article-image

Optimistic rollups like Optimism, Arbitrum and Base are seeing rapid adoption relative to zk rollups