- Binance CEO promises to sue The Block over alleged false reporting
- Changpeng Zhao Asks The Block to Own Up and Apologize
- The Block Changed the Headline of the Original Post Referencing to a Police Raid
Cryptocurrency News Today – The Chief Executive Officer of the top crypto platform in the world – Binance – recently vowed to sue The Block, an industry media outlet, over alleged false reporting. In an ongoing Twitter exchange, the CEO of Binance, Changpeng Zhao, said he would take legal action over a post that claims that Binance’s Shanghai office was getting attention from Chinese police.
Changpeng Zhao Asks The Block to Own Up and Apologize
In a tweet, the CEO of Binance said, “We will be suing them.” The offending piece came to the spotlight on Friday and it was part of several reports of a fresh digital currency clampdown by China. At the time, the price of Bitcoin (BTC) plunged below the $7k level.
Bitcoin (BTC) Price Today – BTC / USD
Name Price 24H % $60,553.00 -1.98%
The Block earlier made its claim under the headline “Binance’s Shanghai office shut down after visit by authorities, sources say.” The industry media outlet later received a lot of backlashes over the factual accuracy of the news. The CEO of Binance also came out then to ask the platform to apologize but ruled out court action. The platform later released a follow-up piece to defend its stance.
The action of the media outlet tends to make things worse, leading Zhao to change his mind on the issue. It added that it would be a bit too much trouble for now. In a statement, Zhao said:
“Instead of apologizing to the community for the fake headline news of the non-existent ‘police raid,’ which damaged our reputation, and Bitcoin price, The Block now tries to argue if there was an office, if Zhao had a meeting… who cares? Own up & apologize for your mistake.”
The Block Changed the Headline of the Original Post Referencing to a Police Raid
Binance CEO took the publication over its claims that the firm experienced a police raid, and it even had an office in Shanghai. However, The Block cited previous media coverage and witnesses, which the CEO of Binance rejected. Nevertheless, the publication has changed the headline of the post to remove reference to a ‘police raid.’ Rather, the publication is now claiming that Binance received a visit from authorities. However, the URL of the post is still online and it is still in its original form with the ‘police raid’ phrase.
While this was going on, some of the community members suggested that publication implicated Binance in a crackdown by Chinese authorities in Shenzhen, but that this was erroneous