Binance's CEO Changpeng Zhao and Bloomberg Remain in Disagreement Over Cryptocurrency Advisory Reports
Changpeng "CZ" Zhao's ongoing feud with the media, particularly Bloomberg, over the portrayal of his crypto policy advisement
CZ, the trailblazer in the crypto world and mastermind behind Binance, is once again standing his ground against Bloomberg for twisting his crypto policy advice. He continues to cry foul over the publication's continuous tendency to misrepresent his endeavors.
CZ and the Media's Never-ending Battle
Back in the day, CZ, ex-CEO of Binance, had engaged in a heated battle with a subsidiary of Bloomberg, resulting in a defamation lawsuit.
Recently, a slew of U.S-based publications have churned out allegations about a deal with the Trump family, which he flat-out denied. Bloomberg followed suit, releasing an article fueling the fire, evoking a fiery response from CZ.
In recent months, CZ has been diligently advising governments on crypto policies and digital asset regulations. His schedule this month alone includes mentoring the crypto sector's development in Kyrgyzstan and joining the crypto council in Pakistan.
This week, CZ locked horns with the Prime Minister of Malaysia to discuss attracting crypto to the country. The ensuing Bloomberg article spun his regulatory efforts in a negative light, focusing on his criminal past.
The article dwelled on his prison stint for money laundering charges and his past run-ins with regulators, leaving many to question the appropriateness of CZ's influence in shaping crypto laws.
However, his advice follows a universal path for a major figure in the crypto industry. Predictably, CZ advocates for balanced or even lenient regulation in the crypto space.
Bloomberg even quoted a few of CZ's statements from various engagements that he claims were pulled out of context. For example, a question about Giggle Academy, a non-profit online education platform for youths in emerging markets, led to misunderstanding.
When asked about concerns of encouraging child labor, CZ responded in a lighthearted manner, "I need to be careful with this one. We don't want to violate any laws regarding working age. Giggle doesn't offer job opportunities on its platform yet but plans to in the future. We're ready to collaborate with labor departments to determine the optimal working age for children," CZ stated.
However, the media zeroed in on this comment and twisted it, painting him in a negative light by highlighting his criminal conviction and pairing this comment about "working with labor departments" with his ongoing efforts to advise government policy.
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The Crypto Sector's Media Relations Crisis
CZ's constant friction with the media reflects deeper industry-media tensions. His standoff serves as a prime example of how media coverage can sway perceptions of vital figures in the crypto sector when they step into government advisory positions.
CZ's resistance is just another piece in the broader narrative about the impact of media representation on public and governmental perceptions of crypto industry efforts to shape regulations and policies.
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- In the past, CZ, the former CEO of Binance, was involved in a defamation lawsuit with a subsidiary of Bloomberg over misrepresented crypto policy advice.
- Recently, CZ has been advocating for balanced regulation in the crypto space, advising governments on digital asset regulations and participating in crypto development in various countries.
- Bloomberg has recently published articles that spin CZ's regulatory efforts in a negative light, focusing on his criminal past and pointing to his past run-ins with regulators.
- The media's portrayal of CZ's regulatory efforts raises questions about the appropriateness of a crypto industry figure's influence in shaping crypto laws.
- CZ has responded to Bloomberg's articles, stating that quotes taken from various engagements were pulled out of context, as evidenced by a misunderstood comment about a non-profit online education platform.
- The ongoing feud between CZ and the media reflects a broader industry-media tension regarding media coverage of crypto industry figures stepping into government advisory positions.
- In an effort to stay informed about the crypto sector and its regulatory efforts, readers can explore various trading platforms such as eToro, YouHodler, Wirex, NEXO, and MEXC.


