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Binance CEO sues Bloomberg Businessweek publisher in Hong Kong for defamation

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.”

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

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