Binance Wins Defamation Lawsuit Against Bloomberg Businessweek China: A Disturbing Push for Censorship

Binance Wins Defamation Lawsuit Against Bloomberg Businessweek China

In a shocking turn of events, cryptocurrency giant Binance has emerged victorious in a defamation lawsuit against Bloomberg Businessweek’s China arm. The lawsuit was filed in response to an article titled ‘Changpeng Zhao’s Ponzi Scheme’ from 2022, which accused Binance CEO CZ of running a fraudulent operation.

Despite a quick title change to ‘The Mysterious Changpeng Zhao,’ Binance was not satisfied and took the matter to Chinese courts. The article in question made several damaging claims about Binance’s marketing tactics, involvement in memecoins, and lack of compliance teams, among other things.

The court ruling, which required Bloomberg to donate money to children with special needs, has sparked controversy among the general public. Many have criticized Bloomberg for what they see as unprofessional journalism and have rallied behind Binance in support of the verdict.

This recent development is part of a larger trend of cryptocurrency players using defamation lawsuits to silence critics in China. Justin Sun, another prominent figure in the industry, recently won a similar case against a small media outlet in China.

While these tactics may be effective within China’s strict censorship laws, they have little impact on media outlets outside the country. The push for censorship from major cryptocurrency players like Binance and Justin Sun raises concerns about freedom of speech and transparency in the industry.

As the battle between crypto companies and the media continues, it remains to be seen how these legal battles will shape the future of journalism and accountability in the cryptocurrency world. Stay tuned for more updates on this developing story.