The Binance cryptocurrency exchange has withdrawn a lawsuit against Forbes Media journalists who published defamatory materials discrediting the reputation of the exchange.
About three months ago, Forbes journalists Michael del Castillo and Jason Brett wrote an article detailing the activities of the American branch of Binance. The document presents a scheme codenamed “Tai chi organization”.
According to Forbes authors, the Binance US allegedly circumvents the US regulatory authorities requirements, and redirect the profits to the parent company.
The suspicion of the authors was caused by the fact that the CEO of Binance Changpeng Zhao repeatedly refused to answer questions about where the main office of the Bianance US is located. Earlier, Zhao said that the headquarters and offices have already lost their relevance.
Binance accused the journalists of publishing false statements. Binance US filed a lawsuit against Forbes and its authors to compensate them, and to get the article removed from publication.
The complaint states that Binance US does not violate and fully complies with all applicable laws, rules and regulations. Also, Binance US does not seek to evade the requirements of regulators in any jurisdiction.
In a statement, Binance management announced a voluntary waiver of the claim, without explaining the reasons, but reserving the right to file a second claim.
One of Binance’s lawyers in this case is Charles Harder. He represented the interests of professional wrestler Hulk Hogan against Gawker media organization. Gawker subsequently lost the case and declared bankruptcy. Forbes communications director Matthew Hutchison said that the publication still adheres to its position and will not be removed from Forbes.
Recall that last year, 11 class actions were filed in the court of the Southern District of New York against Binance US. The defendants included Binance and its chief executive, Changpeng Zhao, who were accused of failing to comply with securities laws.