Binance has officially reacted to an apology issued by Bloomberg Businessweek’s Chinese edition, which retracted false allegations against founder Changpeng Zhao (CZ) in a controversial cover story.
In a significant development, Bloomberg Businessweek’s Chinese edition has formally apologized to Binance and its founder, Changpeng Zhao (CZ), for disseminating false information in a cover story that raised serious questions about journalistic integrity in the fast-paced cryptocurrency landscape.
Bloomberg’s Acknowledgment
Binance, the largest cryptocurrency exchange globally, welcomed Bloomberg’s retraction, expressing relief that the erroneous claims have been withdrawn. In a statement, the exchange emphasized its ongoing commitment to delivering superior services and innovative solutions to its users, while striving to uphold industry standards and foster sustainable growth.
The apology came in light of Bloomberg Businessweek’s 250th issue, dated July 6, 2022, which featured the headline “Zhao Changpeng’s Ponzi Scheme.” The publication recognized its mistake, labeling the headline “false and baseless.”
Bloomberg not only retracted the offensive claims but also extended a full apology for the distress caused to Zhao and Binance. The outlet pledged to maintain higher journalistic standards going forward and vowed to avoid similar allegations in the future. Additionally, Bloomberg committed to donating a specified amount to the “Songzi, Hubei Province Special Education Foundation” as part of its reparative actions.
Binance’s Strategic Movements in South Korea
In parallel to this media controversy, Binance is actively pursuing significant strategic initiatives in South Korea. The exchange is currently negotiating the sale of a substantial portion of its shares in GOPAX to MegaZone, which could reduce its ownership stake to approximately 10%. This strategic decision is primarily motivated by the necessity to adhere to regulatory directives from the Financial Services Commission, which has mandated alterations in ownership and governance structures.
This move is particularly vital as Binance aims to renew its real-name account agreement with Jeonbuk Bank, set for August. The exchange’s proactive approach to navigating regulatory hurdles in South Korea underscores the intricate challenges faced by cryptocurrency platforms in various jurisdictions and highlights Binance’s agility in adapting to these evolving demands.
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