The cryptocurrency exchange of BINANCE refused its lawsuit about slander, filed against the Forbes news and two of his journalists, and did it without a loud announcement. Recall, Binance Holdings filed a lawsuit against Forbes together with Michael del Castillo journalists and Jason Brett in November 2020. It happened after the release of the article, which argued that Binance was deliberately sought to distract the attention of US financial regulators from the alleged real problems of the trading platform and continued to serve local residents. We understand in a situation in more detail.
Recall, relationships with some journalists at the Binance Exchange Manual are not the best. In particular, the founder of Chanpen's markets does not lie with the staff of The Block resource, which in November 2019 told about the "Closing of the Binance office in Shanghai after a police raid". Platform staff stated that the company's office in this city is not, so the news is invention.
In response to what is happening Chanpan, Zhao has promised to file a lawsuit on journalists. Read more about the conflict in a separate material.
BINANCE case in court is canceled
Notice of voluntary refusal was filed in the US District Court in New Jersey on February 4, 2021, which put an end to the court proceedings against Forbes. The document does not contain explanations of the reasons for the claim. It is simply stated that Binance: "This will notify about its voluntary refusal without prejudice to the above actions against the defendants Forbes Media LLC, Michael Del Castillo and Jason Brett."
Forbes investigation, which has become the subject of the dispute, was based on a document presumably published by one of the former BINANCE employees. It described in detail the strategy of the firm to undermine the rules of the US regulatory authorities, because the stock exchange was alleged contrary to any prohibitions continued to serve American customers. Binance allegedly developed a wide variety of strategies to avoid control of regulators. Among them were proactive joining to self-regulatory organizations and the use of virtual private networks (VPN) to avoid control by regulatory authorities.
That is, in fact, the source confirmed the information that the cryptocurrency platform allegedly continued to provide the possibility of trading for US residents. At the same time, it was prohibited.
In Binance Holdings, the Forbes article inflicted the company's material damage to millions of dollars. At the same time, all the information set forth in it is "slander" and does not border to the real position of things. The Binance speaker spoke in an interview with journalists of the cointelegraph newspaper, which even after the cancellation of a lawsuit, the view of the management of the Exchange relative to the current state of affairs will not change. Here is a quote.
Note that there are noticeable problems in recent times in the work of the Exchange. In particular, the platform regularly goes to Offline, and trading is suspended. This situation was especially noticeable at the beginning of the week, when Bitcoin established another historical maximum due to news about buying a BTC company Tesla.
At the same time, explain this feature of the behavior of cryptocurrency platforms is quite simple. The fact is that the management of the exchange provides minimal performance of platforms to work at the moment, since to increase the cost of the server for the sake of a possible increase in the load on the platform is unprofitable. And when the splash of activity happens, the sites do not cope with the influx of users. Read more about the situation in a separate material.
Meanwhile, the price of native token Binance Coin exceeded the historical level of $ 100 and installed a record of $ 147. It seems that any losses - if they were inflicted by journalists - with interest to be covered against the background of this growth stage. The Exchange now simply does not want to mess around with a lawsuit, since even if it is a winnings, it will not receive a relatively high benefit.
We believe that the situation turned out to be quite strange. All the same leadership of the BINANCE actively denied any deviations from the legislative framework and promised to ensure the celebration of justice. However, now the company's representatives easily refuse all claims and explain this cryptocurrency growth market. Perhaps the lawsuit really will not bring the stock exchange a lot of money - especially in comparison with the profitability of the platform due to the growth of traders' activity - however, it clearly should not be in money.
Whatever it was, a few months later, the promotion was still held. And therefore, the arguments of Forbes representatives no longer seem to be so bullmen - at least in theory.
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