Binance Dismiss Case Against Forbes In Tai Chi Document Saga

Binance Dismiss Case Against Forbes In Tai Chi Document Saga

Lots of lawsuits and allegations rocked the crypto market last year, with most of them about scams and illegalities. A popular case that is still in court that shook the crypto world last year is the Securities and Exchange Commission and Ripple case. Despite Ripple’s claims that its token, XRP, is a digital token, the SEC is still standing because XRP is a security. Asides from the SEC and Ripple case last year, another notable case was Binance and Forbes. With a change of heart and a new beginning, Binance has asked a court in the United States to dismiss the lawsuit filed against Forbes and its reporters back in 2020.

Binance dismissed the case without prejudice

In the details that were gotten from a document submitted at a district court in New Jersey, Binance has opted to drop the lawsuit that it filed against the company as far back as November last year. A look at the case showed that Forbes wrote a report titled the Tai Chi document where it said that Binance was scheming plans to exploit its users around the United States of America.

In the report, Forbes said that the document had all the plans that Binance would use to set up the fake company in the country where people will invest. In the latest news, Binance has been represented in court as they have moved to drop the charges against Forbes by filing for voluntary dismissal of the case.

In the full details, the file noted that Binance had dropped the charge against Forbes Media but against the writers of the article, which aimed to defame it. The authors of the article, Michael del Castillo and Jason Brett labeled the company as an exploitative venture. Even though the case has been officially dismissed by the judge that presided over the arraignment, the case could still be reawakened because Binance had it dismissed without prejudice.

The Tai Chi document story

A detail into what transpired and led to the court case showed that Forbes Media released an article that branded Binance as an exploitative venture after it mislead regulators. In a bid to evade the trade of high derivatives products in the United States due to regulatory oversight, Binance had no choice but to create a United States arm of the company named Binance US.

The report by Forbes noted that despite all the company’s good intentions to create a beneficial investment to American citizens, it was nurses a dark hidden ambition to exploit them. The report said a specific Tai Chi document had all that Binance was trying to do to make more money.

It said that the new entity created under the Binance US brand would make money for the parent company, Binance. The reporters also claimed that the Tai Chi document contained detailed guidelines that the country will go through to evade authorities, and it was created by an ex-employee of the firm, Harry Zhou.