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Binance Holdings Limited is suing Forbes Media LLC for defamation, over an article published by Forbes which alleged to reveal regulatory evasion tactics used by the cryptocurrency exchange.

The lawsuit was filed in the US District Court in New Jersey, with the claim that Forbes and two of their journalists, Michael del Castillo and Jason Brett allegedly harmed Binance by publishing a story that, according to Binance “contains numerous false, misleading and defamatory statements.”

The article in question was titled “Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme to Evade Bitcoin Regulators”. The allegations included  that the so-called ‘Tai Chi’ document was a presentation, seen by various senior Binance executives, outlining a strategic plan to execute a bait and switch. The source claimed that the document was created by a former Binance employee, Harry Zhou.

The lawsuit, however, claims that the company did not create the Tai Chi document and has never implemented the scheme described within it. Binance further outlined that Harry Zhou, the alleged author of the document, never worked for the company.

A Binance spokesperson told CoinDesk:

“We exercise and support freedom, including freedom of information and freedom of the press, as well as accountability”.


Feature image by Crypto Samniac from flickr

Andrew is a law student currently studying at UNISA, and Global Crypto's in-house reporter. Andrew discovered blockchain in his final year of school and since developed a keen interest in the subject. He appreciates a good cup of coffee. When he is not too busy with work or studies, he enjoys playing a good round of golf.