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Binance CEO Sues Bloomberg for Defamation

The CEO of Binance, Changpeng “CZ” Zhao, is suing Bloomberg Businessweek for three allegedly defamatory statements.

The statements were published earlier this month through the Bloombergs’s Chinese edition and its affiliated Twitter and Facebook accounts.

Zhao is suing the Chinese edition of Bloomberg Businessweek for its version of the Bloomberg US article, “Can Crypto’s Richest Man Stand the Cold?”

Zhao is seeking damages because Bloomberg Businessweek wrote in print and online a phrase which translates to “Zhao Changpeng’s Ponzi Scheme.”

Zhao is also suing the publication for reusing that phrase twice more in corresponding Twitter and Facebook posts promoting the profile story about him.

Zhao’s filing argues that the published statements “were calculated to hold [Zhao] up to hatred, contempt and ridicule.”

Zhao’s legal counsel also alleged that the original English-language version of the article also contained defamatory statements.

Specifically, the New York filing takes issue with Bloomberg publishing that “at Binance the sketchiness has a certain completeness to it” and that Binance is “a massive shitcoin casino”—statements Zhao believes are defamatory.

Zhao is seeking to bar the publication from ever republishing the allegedly defamatory statements, as well as the removal and recall of the statements along with damages, interest, and costs.

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