Binance has filed a lawsuit in New Jersey against Forbes Media and two of its journalists, Michael Del Castillo and Jason Brett, alleging that an article was published under the title Tai Chi ) Leaked reveals Binance's blueprint for evading Bitcoin regulators was defamatory.

According to Coin Telegraph, Binance, the digital exchange giant, is demanding compensatory damages.

The article, which appeared on the Forbes website on October 29, 2020, stated that the Tai Chi document contained details of a scheme designed to intentionally deceive regulators in the United States.

According to Forbes, the document described a plan to transfer revenues from a US entity to Binance while the company was isolated from US enforcement agencies.

In the complaint filed on November 18, 2020 to the New Jersey District Court, in the United States, Binance declares that the story contains many false, misleading, and defamatory statements about Binance.

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The complaint continues to assert that the company did not create the Tai Chi document, nor did it implement the scheme described in it. Binance also claims that Harry Cho, who is reported to be the author of the document, never worked for the company.

Binance's complaint states that the company sent the defendants a letter requesting removal, retraction and an apology. But the article remains in place, and the editor's note inside the text indicates that Chief Compliance Officer Lim previously sent an email to Forbes confirming that Zhu was an employee of Binance.

In its complaint, Binance included this allegation in its list of false, misleading and defamatory data.

The roadblock to successful defamation lawsuits against journalists and media organizations is significant. Plaintiffs must generally prove that the defendant acted with reckless negligence of the truth or genuine malice (knowing that the statements made were false).

Another element in a successful defamation lawsuit is often material damage, and Binance claims in the complaint to have suffered millions of dollars in material damage believed to be caused by the article's publication, which it hopes to prove On trial.

Binance CEO Zhang Ping Zhao had previously threatened to sue The Block, a cryptocurrency news site.