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Binance filed a lawsuit in the state of New Jersey against Forbes Media and two of its reporters, Michael del Castillo and Jason Brett, claiming that an article published under the title “Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Plan to Evade Bitcoin Regulators” it was defamatory. Binance demands both compensatory and punitive damages.
The article, which appeared on the Forbes website on October 29, reported that the “Tai Chi” document contained details of a scheme designed to “intentionally deceive regulators” in the United States. According to Forbes, the document described a plan to re-channel a U.S. entity’s revenue to Binance, isolating the company from U.S. enforcement.
In the complaint filed in the United States District Court of New Jersey on Wednesday, Binance claims that “History contains numerous false, misleading and defamatory statements about Binance.” The complaint continues stating that the company did not create the Tai Chi document and never implemented the scheme described therein. Binance also claims that Harry Zhou, the document’s author reportedly never worked for the company.
Binance’s complaint notes that the company has sent the defendants a letter asking for removal, retraction and an apology. The article remains in effect and an editor’s note within the text states that “Lim had previously sent an email to Forbes confirming that Zhou was a Binance employee.” In its complaint, Binance includes this statement in a list of “false, misleading and defamatory statements”.
The barrier to successful defamation lawsuits against journalists and media organizations is high. Plaintiffs typically have to prove that the defendant acted with “reckless contempt for the truth” or with genuine malice (knowing that the statements made were false). Another element of a successful defamation lawsuit is often “material damage” and Binance claims in the claim that it suffered material damage “believed to be in the millions of dollars” following the publication of the article, which it hopes to prove at trial. .
Binance CEO Changpeng Zhao previously threatened to sue The Block, a cryptocurrency news channel.
Cointelegraph reached out to Binance, Forbes Media and Michael del Castillo for comment.
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