Binance CEO says that they will be suing The Block after reports of police raids in Shanghai

Binance CEO, Changpeng Zhao just tweeted in response to a follower confirming that they will sue The Block for printing accusations that they consider to be false.

“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.” – Changpeng Zhao

Binance and The Block have been at odds all day after The Block posted a story about a Binance office in Shanghai being shut down after police raids. Zhao denied the existence of the office and said that police raids never happened.

After the denial, The Block clarified in their original article that police raids were reported from sources, and others said that it never happened. They doubled down on the existence of an office by posting pictures and locations of Binance offices in Shanghai.

Zhao, along with Justin Sun pledged 100 BTC to fight “FUD” which can be interpreted as fake news. In reality, FUD is press that instigates fear, uncertainty and doubt particularly in a market. Zhao blamed The Block for drops in the price of BTC.

CEO of The Block, Mike Dudas responded to the threat of starting a fund against journalists.

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” – Mike Dudas

Zhao did not specify what legal approach Binance will take when suing The Block.