Binance CEO: 'We Will Be Suing' The Block Over China Police Raid Story

The CEO of cryptocurrency exchange Binance has vowed to sue industry media outlet The Block over alleged false reporting.

In an ongoing Twitter exchange on Nov. 22, Changpeng Zhao, known as CZ in crypto circles, promised to take legal action over an article that claimed Binance's Shanghai office was receiving attention from Chinese police.

The Block initially made its claims under the headline "Binance's Shanghai office shut down following visit by authorities, sources say.

After a wide backlash over the factual accuracy of the article, during which CZ demanded the publication "apologize" but ruled out court action, The Block released a follow-up piece defending its stance.

Nonexistent raids on nonexistent offices?Specifically, CZ took The Block to task over its claims Binance encountered a police raid, and that it even had a Shanghai office at all.

Staff nonetheless changed the headline of the original article to remove reference to a "police raid," instead claiming Binance received a "visit from authorities.

During the Twitter storm, responses suggested The Block implicated Binance in a crackdown by Chinese authorities in Shenzhen, but that this was erroneous.

Binance and Bithumb were NOT raided," content creator Boxmining countered.

Pressure over $1M+ 'FUD fighting fund'By press time on Saturday, The Block's cofounder Mike Dudas had joined in the quarrel with CZ after the latter suggested creating a dedicated fund to combat the practice of spreading so-called "fear, uncertainty and doubt," or "FUD.".

Cointelegraph has reached out to Binance for comment but had not received a response by press time.