Binance CEO sues Bloomberg for defamation

Changpeng Zhao demanded that all defamatory materials be removed and that an official apology is made

26.07.2022 - 06:40

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What’s new? The head of cryptocurrency exchange Binance has accused Bloomberg of defamation. Changpeng Zhao filed a lawsuit in the Hong Kong High Court, pointing out that the report, published by Bloomberg Businessweek on July 6, contains defamatory information and unsubstantiated charges, in particular, of fraud.

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What else is known about the incident? The 250th issue of Bloomberg Businessweek magazine focuses on the head of Binance, with the headline “Changpeng Zhao’s Ponzi Scheme” on the cover. The lawsuit states that the issue contains defamatory materials that spread hatred and harm Zhao’s image. He demanded their removal, a formal apology, and compensation for damages.

Earlier journalists at Reuters accused Binance of serving clients from Iran bypassing US sanctions. Some local traders said that they had been using the platform until September 2021, losing access only after imposing a mandatory identification procedure.

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