Home Binance BNB’s CEO Files Suit Against Bloomberg Businessweek

BNB’s CEO Files Suit Against Bloomberg Businessweek

A case of miscommunication or slander? According to Zhao's lawsuit, they planned the claims made to the media.

BNB’s CEO Files Suit Against Bloomberg Businessweek iBase Trading.
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A case of miscommunication or slander? According to Zhao’s lawsuit, they planned the claims made to the media.

BNB’s CEO is frustrated with Bloomberg.


Bloomberg Businessweek’s Chinese edition and its associated Twitter and Facebook profiles published three statements that Zhao claims are defamatory.

Decrypt obtained a copy of Zhao’s filing to the High Court of Hong Kong on Friday. He claims the Chinese edition of Bloomberg Businessweek libelously republished the Bloomberg US story “Can Crypto’s Richest Man Stand the Cold.”

Zhao is suing Bloomberg Businessweek for damages after the Chinese print and online versions of the magazine used a term translating to “Zhao Changpeng’s Ponzi Scheme.” As if that weren’t enough, Zhao is suing the publication. It is because they used the same phrase twice more in social media posts advertising the profile feature about him.

For their part, BNB representatives told Decrypt that Zhao’s lawsuit is “a personal suit” unrelated to the cryptocurrency exchange.

The Hong Kong complaint filed by Zhao claims that the published statements were meant to hold [Zhao] up to hatred, contempt, and scorn.

BNB’s Lawsuit

The petition states that they tended to downgrade [Zhao] in the perception of right-thinking members of society in general. This is especially true concerning the members of the crypto community and commercial counterparties existing or potential of [Zhao].

The CEO’s legal team claimed in the lawsuit that the words were published spectacularly.

Furthermore, this is not all of it. In the original English-language version of the article, Zhao’s legal team said in a Memorandum of Law submitted in New York on Friday in connection with the Hong Kong lawsuit also contained defamatory remarks.

According to the documentation provided by New York, the original article contained several serious and defamatory allegations made against Zhao and BNB. It was completely unfounded. Also, they were designed to mislead readers into believing that Zhao and BNB have been engaging in illegal or unsavory activities.

In particular, Zhao objects to Bloomberg’s publication of assertions he considers defamatory, such as at BNB. The sketchiness has a certain wholeness to it. Also, that Binance is “a gigantic shitcoin casino,” all of which are addressed in the New York lawsuit.

Although most journalists at Bloomberg are competent, this time, it was poor, Zhao remarked of the June story.

In Hong Kong, Zhao has filed a lawsuit demanding that the publication remove and recall the remarks at issue. Zhao also wants them to pay damages, interest, and costs. He also wants them to agree never to republish the words again because they are defamatory.

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Jane De Leon is a news writer covering all things related to DeFi and NFTs. In the past, she has worked for a well-known Business Newspaper. She originally began investing in Bitcoin after hearing about it from her brother and hasn’t looked back since.