[Binance responds to Bloomberg’s apology for false accusations against exchange and CZ]
The Chinese version of Bloomberg Businessweek formally apologized to Binance and its founder Changpeng Zhao (CZ) for its misleading cover story. The apology sparked discussion about media responsibility and the challenges of accurate reporting.
Binance expressed satisfaction with this response, saying: "I am happy to see the false accusations being withdrawn. We will continue to focus on providing the best service and innovation to users and ensuring the health and sustainable development of the industry."
The Chinese version of Bloomberg Businessweek admitted that the title of its cover story in Issue 250 (July 6, 2022), "Changpeng Zhao's Ponzi Scheme," was "false and baseless." They have retracted the statement in question and offered an unreserved apology to Changpeng Zhao and Binance for any harm they may have caused. The publication pledged to adhere to higher journalistic standards in the future and would not publish similar allegations again. As a compensatory measure, "Bloomberg Business Weekly" will donate to the "Hubei Province Songzi Special Education Foundation."
At the same time, Binance is making major strategic moves in South Korea. The company is negotiating with MegaZone to sell a majority of its stake in GOPAX, potentially reducing its stake to about 10%. The decision was made to comply with regulatory requirements from the Financial Services Commission, which required changes to the ownership and governance structure.
The move is particularly important as Binance looks 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 environment cryptocurrency exchanges face in different jurisdictions and Binance’s adaptability in addressing these issues.
