Binance CEO Zhao Sues Bloomberg Over Unflattering Businessweek Magazine Deal with

Changpeng Zhao, CEO of Binance, the world’s major cryptocurrency exchange, on July 25 submitted a defamation lawsuit in opposition to Fashionable Media CL, the publisher of the Bloomberg Businessweek magazine in Hong Kong, more than the headline of a translated Chinese language report that portrayed Zhao as functioning a “Ponzi plan.”

The fit facilities on a cover story of Zhao in Businessweek posted on June 23 titled “Can Crypto’s Richest Male Stand the Cold?” But in Hong Kong, a Chinese edition of the report was run with a headline that would translate into “Zhao Changpeng’s Ponzi Plan.”

Zhao complained in the accommodate the headline spurred “hatred, contempt and ridicule” and demanded a retraction. He also known as for the magazine’s removing from newsstands in Hong Kong and a restraining order to halt Present day Media from further more spreading the article.

Also on June 25, Zhao submitted a movement for discovery from Businessweek’s owner, New York-centered Bloomberg LP, in the U.S. District Court docket for the Southern District of New York, professing “defamatory allegations” in the Businessweek posting.

“We understand that Binance has filed a lawsuit against Present day Media, a business centered in China that publishes a Chinese language edition of Bloomberg Businessweek and that posted a translated version of a Businessweek story that initially ran on June 23,” Bloomberg responded in a statement. “The lawsuit refers to a headline that was not posted in the primary English language model of the story.”

Zhao is worth $17.4 billion, according to Forbes.