<strong>CZ Sues Bloomberg Subsidiary, Coinbase Faces SEC Investigation, Ripple And FOMO Pay Partnership</strong>

CZ Sues Bloomberg Subsidiary

Changpeng Zhao, the founder and CEO of Binance, is suing a Bloomberg subsidiary - Modern Media CL - for defamation of character. Modern Media CL is a Hong Kong publication that translates the Bloomberg Businessweek magazine. The newspaper published a translated article titled, “Zhao Changpeng’s Ponzi Scheme.”  

“We understand that Binance has filed a lawsuit against Modern Media, a company based in China that publishes a Chinese language edition of Bloomberg Businessweek and that published a translated version of a Businessweek story that first ran on June 23,” said Bloomberg in a statement.

According to Zhao’s spokesperson, Modern Media LC’s translation incited “hate, scorn, and derision.” Zhao demanded that the media company retract the article. In addition, he also placed a restraining order to prevent the company from tarnishing his name even further. 

Coinbase Faces SEC Investigation 

Coinbase, a U.S.-based publicly traded exchange, is under investigation by the U.S. Securities and Exchange Commission (SEC). According to Bloomberg News, the SEC is investigating whether the company improperly allowed users to trade digital assets that should have been registered as securities. 

"We are confident that our rigorous diligence process — a process the SEC has already reviewed — keeps securities off our platform," said Paul Grewal, the Legal Head for Coinbase.

Earlier this month, a former Coinbase employee was arrested for insider trading. This was the first insider trading case involving cryptocurrencies. According to Bloomberg, the SEC increased its scrutiny on Coinbase because the cryptocurrency exchange increased its number of traded listings.  

Ripple And FOMO Pay Partnership

Ripple, a leading blockchain and crypto solutions provider, announced its partnership with FOMO Pay, a Singapore-based payments firm. FOMO Pay will use the Ripple blockchain to improve its cross-border payment services. 

“As one of the leading payment institutions in Singapore, FOMO Pay aims to provide our clients with more efficient and cost-effective payment modes in different currencies. We are excited to partner with Ripple to leverage On-Demand Liquidity for treasury management, which allows us to achieve affordable and instant settlement in EUR and USD globally,” said Louis Liu, Founder and CEO of FOMO Pay.