Founder of Binance on Bloomberg coverage: 'Might have to sue them again for defamation'

According to the Yale Journal on Regulation, there has been a significant increase in defamation lawsuits between major cryptocurrency exchanges and media outlets since 2022. By mid-2022, over 200 crypto-related lawsuits had been filed, marking a 50% increase since 2020. Notable cases include Zhao's suit against Bloomberg and Binance's earlier legal action against Forbes.

Investopedia reports that while major legal or media actions, such as the June 2023 Securities and Exchange Commission (SEC) lawsuit, resulted in $790 million in Binance withdrawals within 24 hours, defamation disputes with media have not caused such immediate capital flight. However, they have been shown to reduce user trust and slow account signups.

According to Forbes, Changpeng Zhao is recognized as a visionary entrepreneur who founded Binance in 2017. He quickly expanded it into the world’s largest cryptocurrency exchange by trading volume. Zhao is widely acknowledged for his leadership in advancing blockchain technology and promoting financial inclusion globally, making him one of the most influential figures in the crypto industry. His innovative strategies and commitment to expanding crypto accessibility have earned him a reputation as a pioneer in digital finance.