Binance founder, Changpeng “CZ” Zhao, finds himself in yet another public disagreement with Bloomberg. This time, the dispute is over his recent advisory role in shaping crypto policy for various governments. CZ has taken exception to the way his efforts have been depicted by the media, alleging that his comments are often taken out of context to fuel sensational headlines.
The former Binance CEO is no stranger to media scrutiny. Three years ago, CZ pursued legal action against a Bloomberg subsidiary for defamation. More recently, he refuted allegations made by several US-based publications about a supposed deal with the Trump family. Now, he finds himself at odds with Bloomberg again, over a report focusing on his work advising governments on crypto regulations.
In the past few months, CZ has been actively involved in advising governments on digital asset regulations and cryptocurrency policies. Just this month, he provided counsel to Kyrgyzstan on the creation of a crypto hub and also became part of the Pakistan crypto council. In addition, he held discussions with the Prime Minister of Malaysia about the country’s potential to become a significant hub for cryptocurrency.
Bloomberg’s report on CZ’s meeting with the Malaysian Prime Minister drew the Binance founder’s ire, as it framed his regulatory efforts in a negative light. The article repeatedly highlighted CZ’s previous prison term for money laundering charges, to which he had pleaded guilty. The report also mentioned his past regulatory reprimands. Several US-based media outlets have highlighted the irony of CZ influencing crypto laws, given his own legal challenges.
Despite this, CZ’s advice on cryptocurrency and digital assets is hardly controversial. As a leading figure in crypto, it’s hardly surprising that he supports balanced, if not liberal, regulation.
The article also quotes CZ from various public appearances, with CZ claiming these quotes were taken out of context. One such instance was during a Q&A about Giggle Academy, a non-profit online education platform aimed at helping young people in emerging markets find jobs. The article pointed to CZ’s response to a question about promoting child labor, a comment he later labeled as a joke.
In his actual response, CZ said, “I’ve got to be careful on this one. We don’t want to violate any laws about working age. Giggle doesn’t offer a job market on the platform today, but it plans to in the future. We are also willing to work with labor ministries to review or at least explore what’s the right working age for kids.”
CZ criticized the publication for focusing on this comment, rather than the main points of the discussion. He also highlighted that Giggle Academy has enrolled over 28,000 children to date.
The Bloomberg article’s portrayal of CZ’s activities, with repeated references to his past criminal conviction, combined with his comment about “working with labor ministries,” paints a somewhat ominous picture of his efforts in advising government policy. The former Binance CEO continues to assert his position, stressing the importance of context and challenging the media’s negative framing of his work.
