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

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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.

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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.

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