Binance CEO sues Chinese subsidiary of Bloomberg for defamation

Changpeng Zhao, chief executive officer of Binance, one of the major crypto exchanges, has filed a defamation case against the Chinese subsidiary of news agency Bloomberg. Changpeng has dragged Bloomberg’s subsidiary Modern Media Company to court over an article on the Ponzi scheme.

Binance’s legal team claims that this article has caused embarrassment to Changpeng. There are reports that Changpeng has asked Modern Media Company to formally apologize for publishing offensive comments against him. Although the title of this article has been changed after the defamation case was filed, there are screenshots of the original title of this article written in Mandarin on social media. As reported by CoinDesk, Changpeng has also demanded the withdrawal of this edition.

In addition, Lawyers filed a separate case against Bloomberg in the United States, alleging editorial acknowledgment of defamatory allegations. There has been no comment from Bloomberg on the matter. Binance has filed defamation cases against some firms in the past as well. Recently Binance was fined around 33 million euros by the Dutch Central Bank (DNB) for providing services without registration in the Netherlands. DNB reported that the exchange was warned about this last year.

The crypto market was jolted by electric car maker Tesla recently selling nearly 75 percent of its bitcoin holdings. On this Changpeng had said that this holding of Tesla is modest. He estimates that around $100 billion worth of bitcoins are traded per day. Tesla has sold less than a billion dollars worth of bitcoins. Changpeng said that people should not look at Tesla’s huge selloff in bitcoin as a big sign. Many users may agree with Changpeng’s opinion, but some believe that it can only be estimated when the right volume is known for trading bitcoin.

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