Binance CEO files defamation suit against Bloomberg's Hong Kong publisher

The CEO of Binance filed a defamation lawsuit against Modern Media, a Bloomberg Businessweek publishing partner in Hong Kong, on Monday after the publication used the local headline "Zhao Changpeng's Ponzi Scheme."

When Zhao was profiled in Bloomberg Businessweek on June 23, Modern Media used the headline "Ponzi Scheme" while the original English-language edition used the headline "Can Crypto's Richest Man Stand the Cold?"

"Most damningly, the Translated Article's Title was splashed across a photograph of Zhao, which had been made the cover page of the Chinese edition of Bloomberg Businessweek's 250th issue. No evidence was put forth to even remotely substantiate the allegation that Zhao was involved in a Ponzi scheme," the motion Zhao filed said.

Additionally, he filed a motion for discovery against Bloomberg LP and Bloomberg Inc., alleging that the article's English translation on Bloomberg Businessweek contained false accusations. The motion specifically cites passages that refer to the cryptocurrency exchange as "sketchy" and a quote from an unnamed trader that refers to it as "a massive shitcoin casino."

"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. The lawsuit refers to a headline that was not published in the original English language version of the story," a Bloomberg spokesperson told Insider.