Binance has sued Forbes and two cryptocurrency journalists for defamation after a tai chi document leaked last month
Binance filed a lawsuit in New Jersey against Forbes Media and two cryptocurrency journalists for alleged defamation. The lawsuit was a result of Tai Chi document published from Forbes last month.
According to the leaked Tai Chi document, Forbes claimed that Binance had created a business plan that would allow them to capitalize on the United States’ markets while avoiding governmental control of the country.
Binance filed the lawsuit in the US District Court in New Jersey. The cryptocurrency exchange accused Forbes and two writers, Michael Del Castillo and Jason Brett, of damaging Binance’s reputation. The crypto exchange claims that the published story contains numerous false, misleading and defamatory statements.
Binance denied several of the allegations mentioned in the Forbes story. It went on to refute the integrity of the Tai Chi document leaked by the media house. In its lawsuit, Binance is asking Forbes to remove the item and pay damages for the damage caused to their reputation. However, the damage fees would be set in court.
Binance remains one of the largest cryptocurrency exchanges in the world. Although Binance has sued other companies This is the first time in the past that it battles a news company. CZ also before threatened to sue The Block, a crypto news agency.
The Binance spokesman stated that the company supports freedom, including freedom of information and freedom of the press. Therefore, the lawsuit against Forbes should not be viewed as a threat to reporting on Binance. The spokesperson added that Binance and other leading companies need the media to hold them accountable and to report information to the public.
Tai Chi document
According to the Forbes article, the Tai Chi document revealed a sophisticated corporate structure aimed at deliberately deceiving regulators in the US and secretly profiting from crypto investors in the country.
The 2018 document shows an as yet undisclosed US company known as a “Tai Chi Entity”. The unnamed company was supposed to open offices in the US and distract regulators with a sham interest in compliance. However, they would transfer funds to parent company Binance as royalties and more.
Additionally, the crypto exchanges would show customers how to avoid geographic restrictions when setting up technology workarounds. All of these efforts have been aimed at evading regulators as the US does not allow trading in high-leverage crypto derivatives.