Binance Drops Litigation Against Forbes

According to available information, the leading crypto exchange in the world, Binance, has dropped its lawsuit against Forbes magazine and its two journalists who had written an article that “alleged that the crypto company was deliberately trying to evade financial regulators in the United States.”

Binance had sued Forbes and the journalists for publishing an article that was based on a document named “Tai Chi” which the crypto exchange firm had said had made them lose millions of dollars in material damages. In a statement released then, the crypto company had stated that the Forbes report contained “numerous false, misleading and defamatory statements about Binance.”

However, in what is a surprising twist of events, the firm has now chosen to voluntarily drop the case against the media house. The crypto firm filed a voluntary dismissal on February 4 at a district court in New Jersey. The company failed to mention why it was withdrawing the case, instead, their filing simply stated that the leading crypto exchange ny market cap “Hereby gives notice of its voluntarily (sic) dismissal without prejudice of the above-captioned action against Defendants Forbes Media LLC, Michael del Castillo and Jason Brett.”

A spokesperson of the firm said their view about the article remained the same and that “Binance is committed to complying with all applicable laws and regulations and the allegations by Forbes to the contrary have no merit. However, in the interest of providing the best possible service to its users, especially in this time of unprecedented growth, the Company is not pursuing the litigation at this time.”

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