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The Chief Executive Officer of Binance, Changpeng Zhao (CZ) filed a lawsuit against Modern Media, Bloomberg Businessweek/Chinese-language publisher. CZ accuses the company of defamation.
According to a report by Hong Kong Economic Times, CZ said Bloomberg Businessweek published an article on July 6 this year, which defamed him. The executive mentioned that the cover of the release entitled "Changpeng Zhao's Ponzi Scheme" as well as social media presented unfounded criminal charges against him.
The lawsuit requests Modern Media to remove the article and formally apologize. Also, it demands financial compensation.
Zhao said that the release harmed his image in the general public, causing him distress and embarrassment.