Binance drops lawsuit against Forbes’ journalists over ‘TaiChi’ story

Binance drops lawsuit against Forbes’ journalists over ‘TaiChi’ story

According to a document dated 4 February, Binance Holdings Limited issued a notice of its “voluntary dismissal” of the suit against Forbes and the journalists, Michael del Castillo and Jason Brett.

Last year in November, the leading crypto exchange filed a defamation suit against media company Forbes Media LLC at a District Court in New Jersey, US. Binance team, including CEO Changpeng Zhao, sued Forbes and two of its journalists over their story alleging that Binance was “intentionally” deceiving US regulators. The journalists who covered the article wrote that the exchange was “surreptitiously profiting from crypto-investors” via an “elaborate corporate structure.”

The reason behind dropping the charges remains unknown at press time.

The story that Forbes ran claimed that Binance planned to use a US company, dubbed the “Tai Chi entity,” later established in the US, in an effort to distract regulators, and send profits back to the parent firm.. Read More