Binance and Forbes trial: how did it end?
We are witnessing amazing events. The modern, bold and ambitious cryptoindustry has already gained universal recognition and has left the status of a closed club for blockchain lovers. Today it is a separate world, with its own nature, principles and requirements for companies with a century of history. And it is obvious that conflicts appear at the junction of generations, which are very interesting to observe. Therefore, today we will analyze the litigation between Binance and Forbes. So, without further ado, let’s get started.
How it all began
We should not talk about the heroes of the article, because they are well-known enterprises. On the one hand, the largest digital platform. On the other hand, there is a world-famous publishing house that dictates trends in journalism and announces new personalities to the world. And between such seemingly incompatible companies, there was a confrontation. At the end of 2020, two Forbes journalists, Michael del Castillo and Jason Brett, published controversial material. In their article, journalists put forward direct claims against Binance.
The company was accused of evading taxes through its American subsidiary. According to Forbes representatives, the American division of the exchange uses certain techniques to help hide money from both financial regulators and its own clients. Agree, the claims are quite serious. And the fact is that the cryptoindustry is maximally tied to the reputation of companies. So it is not surprising that the publication in such a reputable publication in Binance was taken extremely negatively. The company said everything written was slander. But the clash did not end there.
How Binance went to court against Forbes
As a counterargument to the charges, Binance advanced the theory that the written material was part of a campaign to undermine the company’s reputation. A former employee of the exchange is allegedly behind the writing of the article, and therefore everything said should be regarded as slander. The proceedings continued until today, after all, according to published information, it became known that Binance was withdrawing the charges. The lawsuit filed in a New Jersey state court was withdrawn by the exchange itself. Notably, Binance has also signed papers that confirm their refusal to reopen charges. Consequently, the conflict is over.
We also note that the judge almost instantly signed the return of the charge, on the same day, after receiving the corresponding request. The situation is rather strange. Does this mean that Binance accepts all the points put forward and agrees with the evidence presented? Most likely no. It is possible that the exchange simply does not want to get involved in lengthy litigation. With its decisive action, the company has shown that it is ready for trial even with such serious opponents. But, after protecting her reputation, she made concessions.
Is this the correct step? It’s hard to judge. But since Binance is the concentration of some of the most competent specialists in the crypto industry, we can confidently say that the company will only benefit from the measures taken. Indeed, litigation is never beneficial, only denigrating the name of the company and taking away the energy that can be spent on the development of the company. It is much more correct to declare your disagreement, and then peacefully resolve the conflict. However, it is possible that the clash between Binance and Forbes will escalate in the future. To stay updated on all the latest developments in the crypto industry, follow the news of the world of Blockchain and cryptocurrencies with us. We publish only high-quality, interesting material. Thank you for attention. Good luck!