Binance’s CEO is dissatisfied with Bloomberg.
Bloomberg Businessweek is being sued by Changpeng “CZ” Zhao for three allegedly defamatory statements that were made earlier this month and disseminated via the publication’s Chinese edition, which is available in Hong Kong, as well as its associated Twitter and Facebook profiles.
Zhao is suing the Chinese edition of Bloomberg Businessweek for its translation of the story “Can Crypto’s Richest Man Stand the Cold” from the Bloomberg US edition, according to a copy of the filing that was presented to the High Court of Hong Kong on Friday.
Zhao is suing for damages when the Chinese edition of Bloomberg Businessweek published a phrase that read “Zhao Changpeng’s Ponzi Scheme” both in print and online. In addition, Zhao is suing the publication for using the same term twice more in posts on Facebook and Twitter advertising the profile narrative about him.
According to Binance representatives, Zhao’s lawsuit is “a personal suit” unrelated to the crypto exchange.
That’s not all, though. Zhao’s legal representative asserted in a Memorandum of Law relating to the Hong Kong case that the article’s original English-language version also contained defamatory claims.
The original article “contained several serious and defamatory allegations made against Zhao and Binance that were completely unsubstantiated, and were obviously designed to mislead readers into believing that Zhao and Binance have been engaging in illegal or unsavory activities.”
Bloomberg stated that “at Binance the sketchiness has a certain completeness to it” and compared the company to “a massive shitcoin casino.”