Cryptocurrency Exchange Binance Sues Forbes Over ‘False’ Article - Kalkine Media

November 20, 2020 01:58 AM AEDT | By Kunal Sawhney
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  • Binance has filed a lawsuit in the United States against Forbes
  • According to Binance, the story published by Forbes on 29 October 2020, contains “false, misleading and defamatory” statements

While everyone is talking about Bitcoins crossing the record levels of $18,000, there is another major event from the crypto field doing the round. Binance, a cryptocurrency exchange, has filed a lawsuit in the United States against the New Jersey-based business magazine Forbes over a false article published by the latter involving Binance. Earlier last month, a “Leaked ‘Tai Chi’ document” reportedly was in the news, talking about a plan of bait and switch by Binance.

According to Binance, the story published by Forbes on 29 October 2020, contains “false, misleading and defamatory” statements about the organisation. Forbes’ story has falsely expressed that the crypto exchange has created an “elaborate scheme to evade Bitcoin regulators,” Binance has highlighted this as one of the false statements in the complaint. Binance has outrightly thrashed the statements included in the story calling them defamatory in nature. 

Binance’s complaint

As per the complaint, Binance denied that neither the company nor anyone on behalf of the business had created the slideshow referenced in the story by Forbes. However, Forbes’ story claims that senior executives of Binance have created it. As per the claims of Forbes in the story, Harry Zhou has created the slideshow presentation, but the person cited “is not and never was” an employee of Binance, the cryptocurrency exchange said in the complaint.

The false public statements circulated by Forbes in the story, “misrepresentations and innuendo” are entirely misleading, the exchange said, adding, Binance is non-compliant with the applicable law, regulatory authorities, company’s intention to evade regulators and falsely expressed characteristics of money laundering are highly damaging to the operations of Binance.

Before filing the lawsuit against Forbes, Binance has sent a letter demanding the removal of the article, the need for filing a lawsuit developed after the magazine refused to do so.

Michael del Castillo, the Forbes staff writer, has compiled the story with inputs from Jason Brett, as mentioned on the cover of the story. Michael has previously worked with the New York-based cryptocurrency news website CoinDesk as a Journalist before joining Forbes.

Binance as a cryptocurrency exchange, has been dealing in various crypto-assets, including bitcoin. Other than the regular crypto offerings, Binance also provides trading into derivatives products.

Recently, in October 2020, Binance added Mexican Peso (MXN), Chilean Peso (CLP), Colombian Peso (COP), and Peruvian Sol (PEN) as the new currencies with which the users can buy crypto assets. Further, the investors can also buy cryptocurrency on the platform of Binance via credit, debit cards using Colombian Peso, Mexican Peso, Chilean Peso, and Peruvian Sol. 


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