Binance CEO to sue The Block over fake news regarding police raid

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Binance CEO, Changpend Zhao has announced that he will sue The Block Crypto over false news.

Binance CEO to sue The Block for fake news

The Block Crypto published news stating that Binance‘s office in Shanghai was raided by authorities and subsequently shut down. However, Binance representatives talked with Bloomberg to reveal that the news was actually false. Concerned for the exchange’s reputation, Changpeng Zhao (CZ) tweeted that the news website should apologize.

The news spread like wildfire and had negative effects on Bitcoin’s price. Bitcoin’s price fell as FUDs (fears, uncertainties and doubts) shrouded the markets and many investors lost funds. Representatives from the exchange revealed that the Shanghai office has been offline for the last two years.

The Block has now changed the wording to talk about a “visit by authorities” instead of a “police raid.” The platform also claimed that nearly one hundred employees were forced to work remotely or relocate. Regardless, the news platform has not issued any apology to the public or to the exchange for that matter.

CZ was only concerned with The Block spreading FUD to belittle the market until an official from The Block decided to take things further. Frank Chaparro the news director at the news website wrote a piece supplementing the initial news about Binance closing its office.

Chaparro cited several news outlets that had visited the exchange’s office after it closed. The piece stated that Binance is denying the existence of the Chinese office “despite the Block having seen photographs of the office.”

When asked whether CZ would take legal action against the news platform, he stated that they will be “suing them.” 

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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