Binance has announced that it has gone ahead to file a defamatory lawsuit against some reporters associated with Forbes.
According to the statement from the largest crypto exchange in the world, Binance noted that it had sued Forbes and two other writers for a story published last month. Binance said that after carefully going through the published story’s details, it was appalled to find the contents untrue and defamatory.
The report has since called that the report is retracted, which has yielded no success at all. The document filed at a New Jersey District Court in the United States states that the story:” Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme to Evade Bitcoin Regulators” contains malicious details that were untrue.
Binance said that the reports in the article were defamatory
Binance also mentioned that the said article contains mostly untrue reports, quite misleading, and contains defamatory details about the renowned crypto exchange. A cursory look at the said article showed that it was initially written by Michael del Castillo, a staff writer at Forbes, with the additional reporting of the said news attributed to another staff of Forbes, Jason Brett.
Notably, Binance chose to include these two staff in the filed lawsuit. Furthermore, the article was said to have been written based on a recent document that was said to have been created by a senior executive member at Binance. The article also claimed that some other top members at the company were aware of this document, including the crypto exchange CEO Changpeng Zhao.
The referenced document, titled “Tai Chi,” is a PowerPoint document that had a detailed plan by the crypto exchange to set up an American subsidiary for the crypto exchange that would operate independently with its referenced name Binance.US. Allegedly, this move was said to have been made to fool investors and move funds in licensing fees and others to the parent company Binance.
Binance wants compensation and retraction of the article
According to the lawsuit details, Binance claims that Forbes’s false publication contained misinterpretation, which says that Binance was looking for ways to evade laws and regulators. The details also say that the crypto exchange was planning to run activities synonymous with money laundering.
All these defamations are highly damaging to the reputation the exchange has built over the years. Binance noted that it decided to move forward with the lawsuit because, despite calls for retractions and apologies from Forbes, it was not done.
Now, all the crypto exchange wants is compensation, and that the article should be retracted with immediate effect. Giving its statement through its spokesperson, Binance noted that they were in full support of freedom of speech, information, and the press, but they want accountability. Furthermore, the firm said that the lawsuit doesn’t go against their values, but they are interested in the truth and justice.