Key Notes
- Binance Founder CZ has hinted at the possibility of pursuing legal actions against Bloomberg.
- The media house allegedly defamed the exchange by publishing a “hit piece.” CZ has been accused of having ties with WLFI amid a broader media debacle.
Changpeng Zhao, the founder of leading cryptocurrency exchange Binance, is upset with Bloomberg. He is considering legal actions. This is regarding a news article from the media outlet that supposedly included a factual error, believed to be sponsored by a competitor, although no specific name was mentioned.
Pattern of Media Scrutiny For Binance
CZ, as he is popularly called, threatened to sue Bloomberg for defamation after the firm published what he described as a “hit piece” riddled with factual errors.
Taking to X, the crypto boss voiced his displeasure. He inferred that this is not the first time that Bloomberg has committed such a blunder. This move has reignited debates about media accountability and its impact on the cryptocurrency industry.
In 2022, Zhao indicted a Bloomberg staff member for publishing statements that he described as defamatory. Precisely, he dragged Bloomberg Businessweek’s Hong Kong publisher, Modern Media CL, to court for publishing a profile of the crypto chief titled “Can Crypto’s Richest Man Stand the Cold?” At the time, CZ was still the CEO of the top digital asset service provider.
The Chinese-language edition of the publication labelled Binance as operating a “Ponzi scheme.”
After a two-year legal saga, Bloomberg retracted the statement, changed the article title to “The Mysterious Changpeng Zhao.” Additionally, it issued a public apology and even made a charitable donation instead of paying damages.
Zhao’s latest threat to sue the news firm suggests he believes the new article follows a similar pattern of irresponsible journalism.
4. FUD. Bloomberg just wrote another hit piece (sponsored by a competitor) containing so many factual errors I don’t even know where to begin.
Might have to sue them again for defamation. https://t.co/FevGMArHj8
— CZ 🔶 BNB (@cz_binance) July 11, 2025
In the meantime, he has not confirmed if the crypto firm will go ahead to sue Bloomberg. Nor did he point out the exact nature of the errors. It is worth noting that this event coincides with the recent media scrutiny of Changpeng Zhao’s activities.
A few months ago, reports linking him to World Liberty Financial (WLFI) were making the rounds.
WLFI is a crypto venture tied to the United States President Donald Trump. The updates making the rounds hinge around claims that CZ pleaded with Trump to grant him a pardon in his legal challenges with US authorities.
WazirX Scrutiny in India
Another issue that Binance has faced in recent times had to do with Indian authorities and WazirX.
Last month, India’s Financial Intelligence Unit (FIU) collected data from the leading crypto exchange in an attempt to track crypto transfers into private wallets that may be linked to Pakistan.
The said wallets raised alarms that some transactions could fund illegal or terror-related activities in India, particularly in Jammu & Kashmir.
Around the same time, the Indian authorities observed an increase in crypto activity on WazirX along the border. This intensified fears of digital assets being used as a channel for terror financing. As it stands, WazirX has a July 15 Singapore High Court hearing, which could determine whether users legally own their crypto on the platform.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
