Binance has responded to Bloomberg Businessweek’s Chinese edition, which apologized for false accusations against Binance founder Changpeng Zhao (CZ).

The apology addresses a misleading cover story. This retraction has sparked discussions about media responsibility and the challenges of accurate reporting in the fast-changing world of digital currencies.

Binance Responds to Bloomberg’s Apology

Binance, the world’s largest cryptocurrency exchange, has addressed Bloomberg Businessweek’s Chinese edition’s recent apology for false accusations against the company and its founder, Changpeng Zhao (CZ). In a statement, Binance expressed satisfaction with the retraction, stating, “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 edition addressed their cover story from the 250th issue (July 6, 2022), 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 misleading statement and issued a full apology for any harm or distress caused to Zhao and Binance. The publication has also committed to upholding higher journalistic standards in the future and pledged not to make similar allegations again. As part of their efforts to make amends, Bloomberg Businessweek will donate an agreed sum to the “Songzi, Hubei Province Special Education Foundation” instead of paying damages.

Binance Strategizes in South Korea Amid Regulatory Changes

Binance is making notable strategic moves in South Korea as it negotiates to sell a significant portion of its shares in GOPAX to MegaZone. This sale could reduce Binance’s stake in the exchange to around 10%. This decision is driven by the need to comply with regulatory demands from the Financial Services Commission, which has requested changes in ownership and governance structure.

This move is particularly important as Binance aims to renew its real-name account contract with Jeonbuk Bank in August. The company’s efforts to navigate regulatory challenges in South Korea underscore the complex landscape cryptocurrency exchanges face and highlight Binance’s adaptability in addressing these issues.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.





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