Binance Responds to Bloomberg’s Apology For False Accusations On Exchange & CZ

Binance responds to Bloomberg Businessweek's Chinese edition apology for false accusations against founder CZ. The retraction addresses a misleading cover story.
Published by
Binance Responds to Bloomberg’s Apology For False Accusations On Exchange & CZ

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.

Advertisement

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

Advertisement

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?

Advertisement

Share
Coingapestaff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Price Analysis

Can Hype Price Hit $50 After Robinhood Listing?

HYPE, the native token of the decentralized exchange Hyperliquid, has witnessed a notable price surge…

October 24, 2025
  • News

XRP News: Ripple Unveils ‘Ripple Prime’ After Closing $1.25B Hidden Road Deal

In the latest XRP news, Ripple has introduced 'Ripple Prime,' which it plans to integrate…

October 24, 2025
  • News

Traders Price In Two More Fed Rate Cuts This Year After Soft Inflation Data

Traders are betting on the FOMC to make two more rate cuts this year following…

October 24, 2025
  • News

Crypto.com Joins Ripple in Banking License Bid Amid Industry Push for Market Structure Bill

Crypto.com has submitted an application with the U.S. National Trust Bank Charter. It aims to…

October 24, 2025
  • Bitcoin News

Breaking: U.S. CPI Comes In Lower Than Expectations, Bitcoin Rises

The U.S. CPI inflation data came in below expectations, increasing the odds of two more…

October 24, 2025
  • Uncategorized

Bitcoin Crash Incoming? Tom Lee Backs Peter Brandt’s 50% Decline Prediction Despite Strong ETF Inflows

BitMine’s Tom Lee and veteran trader Peter Brandt have both warned of a potential 50%…

October 24, 2025