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Binance Goes To Court To Fight Forbes Defamation

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Binance quietly drops ‘multi million’ Forbes defamation lawsuit

Binance Goes To Court To Fight Forbes Defamation

Binance Goes To Court To Fight Forbes Defamation
CONTENT

  • The exchange estimates the damage of defamatory statements at millions of US dollars

  • The case will be considered by the District Court of New Jersey

  • Binance claims it contacted Forbes to remove the article, but received no response

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Cryptocurrency exchange Binance sues Forbes and two authors over false, misleading and defamatory article

Crypto exchange Binance has filed a lawsuit in the US District Court of New Jersey against the American edition of Forbes and its two authors, Michael del Castillo and Jason Brett. According to the lawsuit, Forbes damaged Binance’s reputation and lost profits in the millions of US dollars..

Binance Goes To Court To Fight Forbes Defamation

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In late October, Forbes published an article claiming that the largest cryptocurrency exchange had allegedly developed an entire bypass plan to bypass the requirements of US regulatory and regulatory agencies. The article, citing a certain Binance top manager, Harry Zhou, also features a table according to which the exchange deliberately formed the American division of Binance.US to divert the attention of the American regulator. Forbes also claims that Binance’s corporate governance structure is designed to avoid regulatory risks..

To do this, all key personnel must work outside the United States. At the same time, another company is operating in the United States called Delaware C Corp, which supposedly should be ready to “accept nominal fines in exchange for a delay in execution”.

According to Binance, the Forbes article contains “many false, misleading and defamatory statements about Binance”.

“All these statements of the defendants, as well as the full list of allegations from the article, are false and defamatory,” the lawsuit said..

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Almost immediately after the release of the material in Forbes, Binance.US CEO Catherine Coley recorded a personal video message to users, in which she stated that Binance complies with “absolutely all the requirements of American law”, and the presentation presented in the Forbes article was created back in 2018, when in the world did not have a clear regulation of the turnover of cryptocurrencies and the work of cryptocurrency organizations.

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Binance Goes To Court To Fight Forbes Defamation

Binance claims that Forbes’ false public statements about the exchange’s activities are causing serious damage to the cryptocurrency company. The exchange also reported that prior to filing the lawsuit, it had tried to contact Forbes to have the article removed from publication and to apologize for the numerous false statements. However, the publication did not comply with the request, in connection with which a claim arose.

The exact amount of damage to Binance is expected to be determined by the court, however, the exchange believes that the article resulted in lost profits of millions of US dollars.

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