Binance CEO Sues Bloomberg’s Chinese Publisher Over Unflattering Magazine Cover

A Chinese version of a Bloomberg Businessweek cover story about Binance portrayed Zhao as a Ponzi Scheme master.

Founder and CEO of Binance Changpeng Zhao Antonio Masiello/Getty Images

Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, on July 25 filed a defamation lawsuit against Modern Media CL, the publisher of the Bloomberg Businessweek magazine in Hong Kong, over the headline of a translated Chinese language article that portrayed Zhao as running a “Ponzi scheme.”

Sign Up For Our Daily Newsletter

By clicking submit, you agree to our <a rel="nofollow noreferer" href="http://observermedia.com/terms">terms of service</a> and acknowledge we may use your information to send you emails, product samples, and promotions on this website and other properties. You can opt out anytime.

See all of our newsletters

The suit centers on a cover story of Zhao in Businessweek published on June 23 titled “Can Crypto’s Richest Man Stand the Cold?” But in Hong Kong, a Chinese version of the article was run with a headline that would translate into “Zhao Changpeng’s Ponzi Scheme.”

Zhao complained in the suit the headline spurred “hatred, contempt and ridicule” and demanded a retraction. He also called for the magazine’s removal from newsstands in Hong Kong and a restraining order to stop Modern Media from further spreading the article.

Also on June 25, Zhao filed a motion for discovery against Businessweek’s owner, New York-based Bloomberg LP, in the U.S. District Court for the Southern District of New York, claiming “defamatory allegations” in the Businessweek article.

“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,” Bloomberg responded in a statement. “The lawsuit refers to a headline that was not published in the original English language version of the story.”

Zhao is worth $17.4 billion, according to Forbes.

Binance CEO Sues Bloomberg’s Chinese Publisher Over Unflattering Magazine Cover