As per formal court papers, the world’s biggest digital currency platform, Binance, has withdrawn its defamation case towards media outlet Forbes and 2 of its reporters.
In November, Binance Holdings brought a case against Forbes, along with reporters Michael Del Castillo and Jason Brett, after a report claiming that Binance tried to distract and circumvent U.S. financial regulators purposefully.
In a U.S. district tribunal in New Jersey on Feb. 4, a notification of voluntary removal was submitted, stopping the continuing civil proceedings towards Forbes. No reason for the removal of the case is given in the document, merely claiming the Binance, “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.”
The investigative deep-dive of Forbes was centered on a paper supposedly released by one of the ex staff of Binance, which apparently outlined the policy of the organization to undermine the actions of U.S. authorities while managing to service U.S.-based clients.
The paper purported to expose the intentions of Binance to negotiate with no hope of winning with multiple legal authorities. Other supposed tactics outlined in the paper involved pre-emptively entering self-regulatory organisations and reportedly using virtual private networks (VPNs) to circumvent regulatory oversight.
Binance Holdings stated earlier that the Forbes article had hurt them millions of dollars in financial harm, labelled the “Tai Chi document,” indicating at the period, “The story contains numerous false, misleading and defamatory statements about Binance.”
A spokesman for Binance spoke to media outlet that the rejection was without prejudice, which means that the position of the company on the statements stay the same. They indicated:
“Binance continues to firmly believe that the Forbes article dated October 29, 2020 is false and misleading. As the Company stated in its complaint against Forbes, 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.”