Binance Drops Defamation Lawsuit Against Forbes: Report

Binance drops defamation lawsuit against Forbes according to a new document filed a week ago as we are reading more in our latest Binance news.

In a document filed with the United States District Court of New Jersey, the crypto exchange Binance drops defamation lawsuit that was filed against Forbes back in 2020. The case was in response to the Forbes story where it alleged that the crypto exchange was preparing to exploit the United States investors via a sham company. Binance employed two attorneys Peter J. Pizzi and Selina M. Ellis dropped the defamation lawsuit which was filed against Forbes in 2020. The document calls for voluntary dismissal without prejudice of the lawsuit filed against Michael del Castillo, Forbes Media, and Jason Brett which are the masterminds behind the article that called the platform on its exploitative plans.

A judge approved the dismissal and Binance Holdings left open the possibility of re-filing charges in the future because the case was dismissed “without prejudice.”  Global media giant Forbes published a report on alleged activities tailored by Binance to mislead the investors in the US back in 2020.  Binance restructured its operations in the US by creating Binance US due to the strict regulations which prohibit the trading of highly leveraged crypto derivatives. The report claimed that Binacne’s regulatory compliance had ambitions to benefit from US investors via nefarious means.

Forbes reported that Binance was setting up the company labeled “Tai Chi entity” and was set up to make money from Binance while the exchange evaded regulations and avoided relevant government agencies.
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The company planned to achieve this by teaching the customers how to bypass the location constraints. Forbes said that the Tai Chi slideshow prepared by Harry Zhou alleged that the Chief Compliance Officer Samuel Lim affirmed in an email that Zhou was an employee.

Binance denied the allegations and sent letters to the defendants requesting retraction of the claims and also an apology. Forbes stood their ground and insisted their story was written after an exhaustive investigation process. Eventually, the crypto exchange sued Forbes. An excerpt from the lawsuit reads:

“The Story contains numerous false, misleading and defamatory statements about
Binance. Among other things, the Story falsely states that Binance created an “elaborate scheme to evade Bitcoin regulators,” “conceived of an elaborate corporate structure designed to intentionally deceive regulators”.