Leading cryptocurrency exchange Binance has filed a defamation suit against Forbes Media LLC and two of its journalists over a Tai Chi article published last month. The Tai Chi story apparently revealed Binance’s plans to evade regulations against the U.S. legislators. Binance has filed for defamation in a U.S. district court in New Jersey.
Binance Files Lawsuit Against Forbes
According to the filed complaint, The Forbes report highlights Binance’s elaborate plan to hide from regulators, which is apparently false and contains misleading statements about the digital asset exchange.
The Tai Chi document leak was reported by Forbes staff writer Michael del Castillo, with additional reporting attributed to Jason Brett. Both Castillo and Brett are included in the defamation lawsuit case.
"Binance does not violate, and fully complies with, all applicable laws, rules and regulations in its operations. Binance also does not seek to evade or “side-step” any regulators in any jurisdictions.
— Michael Kapilkov (@mmviii_2008) November 18, 2020
The Tai Chi document story was reported based on Binance’s PowerPoint plan to set up an American subsidiary to distract regulators in the U.S. while moving the revenue of the said company in the form of licensing fees and others to the Binance parent company.
According to the lawsuit complaint, the report contains misrepresentation and false statements. It further includes that such false allegations of money laundering and making up schemes to hide from regulators are highly damaging to Binance.
Lawsuit Includes Removing the Article Along with Compensation
The exchange maintains that the defamation case includes Forbes removing the Tai Chi story along with compensation and punitive charges.
A Binance spokesperson added on filing the lawsuit:
“We exercise and support freedom, including freedom of information and freedom of the press, as well as accountability. This suit is not a reflection against our core value and belief in freedom, but ensuring the truth and justice.”
The cryptocurrency exchange did mention that since it did not receive any apology from the publication over the article, it decided to take up the legal route of charging a lawsuit.