Binance Accepts Bloomberg’s Apology for Defamatory Coverage

Bloomberg’s business magazine apologizes to Binance for the “egregious mistake” it made in 2022.

Binance robot showing thumbs up standing in the middle of stacks of newspapers.
Created by Kornelija Poderskytė from DailyCoin
  • Bloomberg Businessweek has apologized to Binance.
  • The magazine’s Chinese edition published false allegations against the exchange and its founder.
  • The publication said it would make a donation to “right” its wrong.  

Binance has acknowledged an apology issued by Bloomberg Businessweek’s Chinese edition for publishing false allegations against the exchange and its founder, Changpeng Zhao (CZ).

On July 17, the Chinese-based business magazine said it “made the egregious mistake” of publishing the cover page of its 250th issue with a “false and baseless” headline that read, “Changpeng Zhao’s Ponzi Scheme.”

Statement Retraction

In addition to admitting that the title was fake, Bloomberg Businessweek retracted the statement.

Sponsored

“We retract and withdraw this offending statement without reservation and apologise unreservedly for any harm or distress caused to Mr Zhao and Binance, the organisation he founded. We have journalistic standards that should, and will, be better,” the apology read.

The publication committed to not covering any allegations to the “same or similar effect,” noting that it would donate to the Songzi, Hubei Province Special Education Foundation to “right” its wrong. The amount of the donation was not disclosed.

Crypto exchange Binance welcomed the development and sought to reassure users of its competitive edge in the industry.

“We are pleased to see that the wrongful accusations have been retracted. We will continue to focus on providing the best service and innovation for our users, while working to set a strong example to ensure a healthy, sustainable industry,” the exchange wrote on X.

The apology follows CZ’s move to sue Bloomberg in 2022 over the title, which the crypto mogul claimed spurred “hatred, contempt, and ridicule” against him and the exchange, a report by Fortune shows.

Stay updated on Gambaryan’s ongoing detention in Nigeria:
Gambaryan’s Health Disregarded: Case Delayed Months While Reports Withheld

Read why Binance recently questioned the U.S. stablecoin regulation approach:
Binance Questions U.S. Stablecoin Regulation Approach

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tags
Author
Brian Danga

Brian Danga is a crypto reporter at DailyCoin covering breaking news. Brian has minor holdings in Bitcoin and Ethereum.

Read more