Binance Sues Forbes Over Defamatory Statements

Binance has sued Forbes for defamation Wednesday over a story last month that purported to reveal regulatory evasion tactics employed by the cryptocurrency exchange.

November 19, 2020 | AtoZ Markets – Cryptocurrency exchange Binance has filed a lawsuit against the publishing company Forbes Media and two of its journalists – Michael del Castillo and Jason Brett.

Binance sued Forbes for defamation

The lawsuit which was filed in the US District Court in New Jersey is in response to a recent Forbes story, penned by the two writers who claimed that Binance “conceived of an elaborate corporate structure designed to intentionally deceive regulators,” among other allegations.

According to Binance, the article contains “numerous false, misleading and defamatory statements.”

The company insists it did not produce the document described by journalists called “Tai Chi Education,” and its alleged author Harry Zhou never worked at Binance.

Forbes magazine did not respond to the request to remove the post and to offer an apology. The marketplace expects to recover compensation from the defendant, the amount of which will be established in court.

Read the complaint:

Recall that the Forbes article talks about the alleged plan of the crypto exchange to use Binance.US to distract the attention of American regulators and extract hidden profit from users. Harry Zhou, a company employee, allegedly worked on the document.

Read also: Fisco Sues Binance for Facilitating Money Laundering of $9 million

After the article was published, Binance CEO Changpeng Zhao said that the facts presented in it were not true. According to CZ, the document was not prepared by a former or current Binance employee.

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