Changpeng Zhao, popularly known as CZ, the CEO of Binance, is suing Bloomberg Businessweek in the Hong Kong High court for defamation. CZ filed a complaint, claiming that the article that appeared in Bloomberg Businessweek defamed him. He said that fabricated and unverified criminal accusations were put on the report’s cover and in the accompanying news that was released.
The defamation case draws attention to the 250th CZ-related article in Bloomberg Businessweek. The lawsuit also cites the 250th issue along with social media posts on Facebook and Twitter.
The lawsuit filed by Changpeng Zhao is represented by José-Antonio Maurellet, SC, of Des Voeux Chambers against Modern Media Company. CZ, one of the well-known figures in the sector, emphasized in the lawsuit that Modern Media is an influential and significant medium and that the defaming news is inciting hatred and damaging CZ’s reputation.
The lawsuit demands that Modern Media retract the false claim and formally apologize to CZ. Additional payment has been requested in order to make up for the harm done. The embarrassment and distress that CZ had to go through because of Bloomberg’s false reporting was also highlighted.
Over the past five years, Binance, which was created in 2017, has experienced the most impressive growth and worked hard to build a commendable brand image. Recently, the exchange commemorated its fifth birthday.