Sign Up on MEXC
Highlights
- Bloomberg Businessweek's Chinese edition issues a formal apology to Binance and its founder, Changpeng Zhao (CZ), retracting false accusations made in a cover story.
- Binance expresses satisfaction with the retraction and reaffirms its commitment to providing top services and innovations while setting industry standards.
- Binance has also negotiated to sell a significant portion of its shares in GOPAX to MegaZone in South Korea, highlighting its adaptability to regulatory challenges.
Bloomberg Businessweek’s Chinese edition has issued a formal apology to Binance and its founder Changpeng Zhao (CZ) for a misleading cover story. This retraction has sparked discussions about media responsibility and the challenges of accurate reporting in the rapidly evolving world of digital currencies.
Bloomberg’s Apology To Binance
Binance, the world’s largest cryptocurrency exchange, has responded to Bloomberg Businessweek’s Chinese edition’s recent apology for publishing false accusations against the company and its founder, Changpeng Zhao (CZ).
In a statement, Binance expressed satisfaction with the retraction, saying, “I am pleased to see that the false accusations have been dropped. We will continue to focus on providing the best services and innovations to our users, while striving to set an example and ensure the healthy and sustainable development of the industry.”
The apology from Bloomberg Businessweek’s Chinese version came earlier today, addressing their 250th issue (July 6, 2022) cover story titled “Zhao Changpeng’s Ponzi Scheme.” The publication admitted to making an “egregious mistake” by publishing a headline that was “false and baseless.”
Bloomberg Businessweek has retracted the offending statement and offered an unreserved apology for any harm or distress caused to Zhao and Binance. The publication also committed to upholding higher journalistic standards in the future and pledged not to publish or make similar allegations in any form. As part of their efforts to make amends, Bloomberg Businessweek will donate an agreed sum to the “Songzi, Hubei Province Special Education Foundation” in lieu of damages.
Also Read: $19 Billion in Bitcoin Short Liquidations Are Ready If This Happens
Binance’s Strategic Moves in South Korea
Amidst these developments, Binance is making significant strategic moves in South Korea. The company is in negotiations to sell a large portion of its shares in GOPAX to MegaZone, potentially reducing its stake to around 10%. This decision is driven by the need to comply with regulatory requirements from the Financial Services Commission, which has requested changes in ownership and governance structure.
The move is particularly crucial as Binance seeks to renew its real-name account contract with Jeonbuk Bank in August. The company’s efforts to navigate regulatory challenges in South Korea highlight the complex landscape cryptocurrency exchanges face in different jurisdictions and Binance’s adaptability in addressing these issues.
Also Read: Gamestop (GME) Price Is On The Rise: Is This The Time To Buy?
- SOL Rises as Nasdaq-listed Forward Completes $1.65B Raise For Solana Treasury
- Breaking: U.S. CPI Inflation Rises To 2.9% YoY, Bitcoin Reacts
- Over $4 Billion in Bitcoin and Ethereum Options Expiring After US CPI
- South Korea Ends 2018 Ban on VC Investments in Crypto Firms
- Wall Street’s CPI Forecast: Expert Examines if Bitcoin Price Can Sustain Triangle Breakout?
- ETH Price Prediction As Bitmine and SharpLink Continue ETH Buying Spree- Analyst Predicts $7K Next
- AVAX Price Prediction as Avalanche $1B Treasury Gains Momentum – Is $55 in Sight?
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
