Binance Sues Forbes Over Article That Claims Exchange 'Aided Iran'

BlockBeats News, March 11th, Binance filed a defamation lawsuit in response to The Wall Street Journal's article on February 23rd alleging its assistance to Iran in evading sanctions. Binance stated that it believes this lawsuit is a necessary step to protect us from false information, hold The Wall Street Journal accountable for prioritizing clickbait over journalistic integrity, and address the significant reputational damage caused. The continuous publication of similar false reports by The Wall Street Journal further demonstrates the necessity of this legal action. Such reporting undermines trust in the entire industry and harms those working to protect users and drive positive innovation.

At the end of last month, a Binance spokesperson stated that The New York Times' previous report was inaccurate. Binance has strict KYC and compliance processes, and there are no Iranian users on the platform. The Binance spokesperson reiterated that The New York Times, The Wall Street Journal, and Fortune were wrong in their statements about the dismissal of the four investigators involved.

Binance Co-CEO Richard Teng also stated at the end of February, "Recent reports on Binance's compliance efforts contain inaccuracies. The Wall Street Journal published defamatory remarks, and despite our efforts to clarify the facts, the journalist did not respond to any of our requests for corrections. Binance has sent a letter demanding an immediate correction and full retraction of these false statements."