A Chinese court has granted Binance victory in a defamation lawsuit against Bloomberg Businessweek’s China arm. This lawsuit was in relation to an article published in 2022 called ‘Changpeng Zhao’s Ponzi Scheme,’ which was later changed to ‘The Mysterious Changpeng Zhao.’ Binance did not allow the change of title and proceeded to sue and win the case.
Chinese Court Rules in Binance Defamation Case
The original Bloomberg article discussed Binance’s marketing, memecoins promotion, and the Terra/Luna crash. It also alleged that Binance has a ‘Shanghai office’ and does not have correct compliance departments. These statements by KPMG, later repeated in the media, formed the subject of the defamation claim.
The court’s decision demanded that Bloomberg contribute to children with special needs. Although there have been several reactions from the public, most people are against Bloomberg, while Binance has reason to celebrate. It was dubbed a lie, and critics have slammed Bloomberg for its unprofessional behavior.
Binance and Sun Win Defamation Cases
Binance’s win is similar to Justin Sun‘s, who also won a defamation case in China. In Sun’s case, a little-known media house was compelled to compensate him $69. These two examples depict that crypto companies are using Chinese courts to combat adverse press coverage.
Even though such victories are common in China, comparable cases are reported in international media. Freedom of speech laws are weak in China but are strong for outlets outside China, preventing similar legal threats. This dual approach enables the crypto firms to have a good reputation worldwide.
Legal Fears Stifle Chinese Journalism
Thus, defamation suits in China can prevent local media from releasing negative coverage of cryptocurrency firms. The concern of legal consequences may make journalists avoid speaking the truth as they fear going to jail. These legal victories also work negatively for the press because they make the press to be untrustworthy.
Media outlets have more strength on the international scene because they protect freedom of speech. This dynamic allows global reporting to remain critical and investigative. Thus, the contrast reveals the disparities in the media environment within China and the rest of the world.
Crypto Firms Use Law to Protect Image
These decisions would reference future defamation cases concerning cryptocurrency businesses in China. They show how such firms employ legal mechanisms to defend their images. Still, other global media are expected to continue discussing such topics with the same intensity and with no worries about being taken to court.
Although relations between Chinese courts and the international media are rather tense, they still interact. Whereas local offices may be subjected to more pressure, the international ones are shielded by better legal frameworks. This balance ensures that information is received and transmitted consistently despite problems with the law in certain regions.
