Media News

Binance CEO sues Bloomberg Businessweek publisher in Hong Kong for defamation

July 26, 2022

Posted by Chris Roush

Binance CEO Changpeng Zhao on Monday sued Bloomberg Businessweek’s Hong Kong publisher Modern Media CL. on defamation claims, reports Danny Nelson of CoinDesk.

Nelson reports, “The suit stems from Bloomberg Businessweek’s June 23 profile of Zhao: ‘Can Crypto’s Richest Man Stand the Cold?’ But in Hong Kong, Businessweek’s local publisher Modern Media CL ran a different headline designed – according to Zhao’s representative – to spur ‘hatred, contempt and ridicule’ for the world’s richest crypto billionaire: ‘Zhao Changpeng’s Ponzi Scheme.’

“Zhao demanded a retraction, called for the edition’s removal from newsstands and for a restraining order to stop the defendants from further spreading the portrayal; Modern Media has already obliged in part. He separately filed a motion for discovery against Bloomberg L.P. and Bloomberg Inc. in the U.S. District Court for the Southern District of New York, over ‘defamatory allegations’ in the profile piece.”

Read more here.

A Bloomberg News spokesperson provided the following:

“We understand that Binance has filed a lawsuit against Modern Media, a company based in China that publishes a Chinese language edition of Bloomberg Businessweek and that published a translated version of a Businessweek story that first ran on June 23. The lawsuit refers to a headline that was not published in the original English language version of the story.”

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