Binance, the world’s largest cryptocurrency exchange has been trying hard to stay out of trouble by following the rules and regulations put forth by several governments across the globe. However, a recent article by the prominent news agency, Forbes displayed the exchange in a bad light through an article. Enraged by this, the Malta-based crypto exchange decided to take things legally.
Binance Calls Out Forbes Over “Misleading Story”
Towards the end of October, Forbes published an article titled, “Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators” which caught the attention of many, including the exchange itself. While the article penned down by Michael del Castillo and Jason Brett suggests that Binance had formulated an elaborate corporate structure that was particularly sketched to mislead the regulators. This was followed by several other allegations against the exchange. Alarmed by this, Binance’s team urged Forbes to take the article down, however, Forbes denied the exchange’s request and left the article unfettered.
Following Forbes’ move, Binance decided to take things to the court. The exchange filed a defamation lawsuit in the United States District Court of New Jersey against Forbes Media and the two writers who published the article. The lawsuit alleged that Binance was fully compliant with all the laws and regulations put in place by the regulators and Forbes published false public statements, misrepresentations, and innuendo” that Binance doesn’t do so.
Furthermore, in the lawsuit, Binance demands justice via compensation for damages as Forbes reportedly tarnished the exchange’s reputation. The exchange sought the aid of media litigation attorney Charles Harder of Harder LLP, Peter Pizzi, and Selina Ellis of Walsh Pizzi O’Reilly Falanga LLP in the case. Commenting on Binance’s latest case, Harder went on to say,
“Forbes’ misleading story has done great harm to Binance’s reputation. Binance demanded Forbes’ retraction or correction, but it has refused. This lawsuit therefore became necessary. Binance intends to see this lawsuit through to the end, to ensure the truth and protect its reputation.”
The attorney representing Binance, Charles Harder has handled prominent cases in the past. Harder is best known for the representation of Hulk Hogan in the case against Gawker Media where he got his client a compensatory award of $115 million. Additionally, Harder has represented other prominent personalities like President Trump and the First Lady Melania Trump.