Binance founder and former CEO Changpeng Zhao (CZ) has voiced his support for Singapore’s ministers as they take legal action against Bloomberg and one of its journalists for alleged defamation.
CZ took to X (Twitter) to comment on the case, stating that more countries should pass laws to hold journalists accountable for defamation.
What is the Lawsuit?
The lawsuit, filed by Law and Home Affairs Minister K. Shanmugam and Manpower Minister Tan See Leng, targets Bloomberg and reporter Low De Wei.
The ministers claim that a Dec. 12 Bloomberg article misrepresented their property transactions, suggesting a lack of transparency in Singapore’s real estate market.
CZ Calls for More Accountability in Journalism
Reacting to the lawsuit, CZ said that while he supports free speech, he opposes deliberate defamation without evidence. He reshared a news article about the lawsuit with his comment, emphasizing the need for stricter defamation laws.
His post sparked mixed reactions from the online community. Some users supported his stance, while others warned about the thin line between accountability and press freedom. One user commented, “Accountability is important, but we must ensure that laws don’t infringe on free speech.”
CZ responded by acknowledging the importance of balance but added, “I think the balance is not right in most countries now.” His comments highlight the ongoing debate over media responsibility and press freedom, especially in politically sensitive cases.
A few days back CZ also commented on how he could not tweet anymore due to people taking everything very seriously.
The Bloomberg Lawsuit: A Battle Over Transparency
The defamation suit stems from a Bloomberg article titled “Singapore Mansion Deals Are Increasingly Shrouded in Secrecy.” The report examined Good Class Bungalow (GCB) transactions in Singapore and included details about properties linked to Shanmugam and Tan.
The ministers quickly responded, calling the article libellous and misleading. They argued that it falsely portrayed Singapore’s real estate market as opaque and lacking regulatory oversight. On Dec. 16, both ministers announced on Facebook that they would take legal action.
Singapore’s Ministry of Law supported the move, saying that Bloomberg’s claims misrepresented the country’s property laws and could damage its global reputation as a financial hub. In response, Bloomberg issued a correction notice but maintained that it stood by its reporting.
Bloomberg’s Legacy and the Impact of the Case
Bloomberg has long been recognized as one of the most influential financial news organizations in the world. Known for its in-depth business reporting, market analysis, and investigative journalism, the company has built a reputation for delivering accurate and impactful news.
However, this lawsuit poses a serious challenge to Bloomberg’s credibility and trustworthiness. While the organization defends its reporting, being accused of publishing misleading information can damage its standing in global journalism.
If the case moves forward, it could set a precedent for how major media outlets navigate defamation laws, especially in countries with strict regulations on press freedom.