Binance Drops Defamation Lawsuit Against Forbes

Leading cryptocurrency company, Binance has dropped its ongoing lawsuit against Forbes. The defamatory lawsuit is centered around an article published by Fobes last year.

Lawsuit Withdrawn With no Clear Reason

In the controversial article, Forbes accused Binance of opening a different American branch, so it could escape regulations. Both journalists who wrote the article Michael Del Castillo and Jason Brett were sued as well.

Last week, the plaintiff Binance Holdings, indicated its interest to withdraw the suit. This indication was made plain in a notice filed in a New Jersey court. It states that Binance “hereby gives notice of its voluntarily (sic) dismissal without prejudice of the above-captioned action against Defendants.” The defendants are Forbes and the article’s authors.

Although no reason was given for the withdrawal of the case, Binance insists it withdrew to serve its users better. “In the interest of providing the best possible service to its users…the Company is not pursuing the litigation at this time,” Binance explains. However, this does not mean the exchange has shifted grounds on the article. It is “false and misleading,” a representative of the crypto exchange said.

What was in the Article?

The infamous article published on October 29, quickly became viral because of some large claims it made. L. Castillo and Brett spoke of a document dubbed the ‘Tai Chi. ‘ It spoke of a document which outlines how the exchange is trying to open another company in the United State.

This means that all regulations that were supposed to be on Binance, would now be bypassed. The writers explained that this Tai Chi, whatever it really means, is just designed to distract Americans and American regulators. The established company would act as a kind of cover-up for the cryptocurrency exchange while generating money.

Now it seems that the popular crypto exchange is not bothered about the lawsuit anymore. Recall that Binance demanded a removal and apology from the news agency in November 2020. With the discreet withdrawal of the suit, one can only wonder if the Tai Chi document has any element of truth.