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Binance Lost Millions after Forbes' Libel Article; Went to Court

19 November 2020, 15:18
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The cryptocurrency exchange giant Binance filed a lawsuit against two journalists from Forbes, who published the article about the platform's allegedly cheating with US crypto control. Binance lawyers prepared the appropriate documents for the United States District Court of New Jersey with the desire to punish the media outlet giant and its employees. Login Casino reviews the recent cryptocurrency news and explains what the subject of the conflict is.

Binance Lost Millions after Forbes' Libel Article; Went to Court

On October 29, the article called "Leaked 'Tai Chi' Document Reveals Binance's Elaborate Scheme To Evade Bitcoin Regulators" was published on the Forbes website. In short, the article brought information about the involvement of the Binance platform to fooling the US controlling bodies in the crypto trade. Two journalists that were working on this material, Jason Brett and Michael del Castillo, presented a few details about the steps that Binance was making to overpass US regulation and punishment.

However, the biggest crypto trade platform returned to the issue with a lawsuit that they filed in the New Jersey's District Court on Wednesday, November 18. Binance representatives require financial compensation, removal of the material with apologies, and punishment for the outlet.

According to the litigation document, the journalists were using wrong and misleading information that negatively influenced the reputation of Binance. Among the facts that prove Forbes' libel is the absence of Harry Zhou (a key figure in the article) in the Binance staff list. However, the outlet seems to stay calm with the lawsuit and says that Forbes has a confirmation email from Binnace's CCO Lim about Zhou's workplace on the crypto trade platform.

Is it possible to win the lawsuit against Forbes' journalists?

Being in the plaintiff position, Binance lawyers have to prove that journalists have misled the audience with wrong information. Also, to receive financial compensation assumes proving that Binance has losses caused by the publication of the online material. Instead, Binance can easily prove that Harry Zhou hasn't been its worker via official documents, while the email that Forbes possesses has much less juridical weight.

This case can be regarded from two perspectives. Thus, Binance can be attacking the news outlet to show that they haven't been involved in any kind of scam related to cheating with the US government. Moreover, this is not the single case as Binance CEO has had a conflict with another crypto news platform, The Block.

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