Now Sitting At $14.83

According to the latest reports in the cryptocurrency news today, it looks like the Binance CEO will sue the publication named The Block over alleged false reporting. For all of you who did not know, the publication recently published an article which claimed that Binance’s Shanghai office was receiving attention from the Chinese police.

In an ongoing Twitter exchange on November 22, the Binance CEO known as CZ in the crypto circles promised that he will take legal action over the article and the false reporting.

“We will be suing them,” he wrote in a tweet.

The offending piece surfaced last Friday and was part of a series of reports about a fresh crypto clampdown by China. At the same time, Bitcoin (BTC) declined to lows below $7,000. The Block initially made its claims under the headline noting that “Binance’s Shanghai office shut down following visit by authorities, sources say.”

After a wide backlash over the actual accuracy of the article, the Binance CEO will sue The Block – and demanded that the publication must “apologize” but ruled out any court action. The Block even released a follow-up piece defending its stance.

All of this led CZ to change his mind on the issue which he said would be “a bit too much trouble for now.” As he wrote:

“Instead of apologizing to the community for the fake headline news of the non-existent ‘police raid’, which damaged our reputation, and $btc price, theBlock now tries to argue if there was an office, if CZ had a meeting… who cares? Own up & apologize for your mistake.”

The Binance CEO will sue The Block and task over its claims that Binance encountered a police raid and that is even had a Shanghai office at all. The latter issue remains unclear and the publication is citing “witnesses” and previous media coverage which CZ actually rejected.

The Binance news also show that during the Twitter storm between him and the publication, responses suggested that The Block implicated Binance in a crackdown by the Chinese authorities in Shenzhen, but that this was enormous.

“Two of the wealthiest men in cryptocurrency plan to raise a ‘FUD fighting fund’ worth more than $1 million, presumably to wield as an implicit threat against journalists who report facts that run contrary to their business interests,” the co-founder of The Block Mike Dudas wrote on Twitter.