Bloomberg Apologises to Changpeng Zhao

Bloomberg Businessweek in China acknowledged a “glaring error” in its 250th issue dated July 6, 2022, retracting the false and unfounded cover headline “Changpeng Zhao’s (CZ) Ponzi Scheme.” This was reported by Modern Media, the magazine’s publisher in China.

“We unreservedly retract this defamatory statement and sincerely apologise for any harm or distress caused to Mr. Zhao and the organisation he founded, Binance,” the journalists wrote.

The editorial team pledged to avoid such assertions in the future.

Instead of compensating for damages, the publication will donate an undisclosed amount to the Hubei Province Special Education Fund.

Following the publication, CZ filed a lawsuit against Bloomberg Businessweek in China, accusing them of defamation.

The entrepreneur was also dissatisfied with the American version of the magazine. His lawyers stated that it “misleads readers into believing that Zhao and Binance are engaged in illegal or dubious activities.”

CZ sought the removal of the materials, a ban on their reissue, and compensation for the damages caused.

Back in 2020, Binance sued Forbes over “defamatory statements.” The case was prompted by a publication about the platform’s servicing of American clients in circumvention of regulators. The company withdrew the lawsuit the following year.