Binance Files Defamation Lawsuit Against WSJ

Just after the world’s largest cryptocurrency exchange, Binance, announced its legal victory after the dismissal of its alleged terror case by a U.S judge, Binance is back in court amid new allegations.

As the exchange continues to face backlashes regarding its regulatory status, it has just filed a defamation lawsuit against The Wall Street Journal in the United States District Court for the Southern District of New York.

The lawsuit was directly filed against the Dow Jones, the publisher of WSJ, on Wednesday, March 11, after the media outlet released a report that questions Binance’s integrity.

The report claimed that the U.S Justice Department has begun to probe Iran’s use of Binance to evade sanctions. Considered false by the exchange, the report has triggered tension between Binance and The Wall Street Journal.

Binance and WSJ in legal battle

Per information disclosed by American reporter Eleanor Terrett, Binance filed the lawsuit in response to an article published on Feb. 23 by The Wall Street Journal.

The report alleged that the exchange may have facilitated transactions linked to Iranian entities. According to Binance, the report contains false and defamatory statements about its compliance practices. 

In addition to the allegations, the report also cited concerns from investigators and lawmakers regarding whether the platform was used to bypass international sanctions.

Binance demands damages and legal fees

In the lawsuit filed by Binance, the exchange argued that WSJ has continued to make numerous “false and defamatory” claims that have damaged its reputation.

Binance also stated that it had provided factual corrections to the publication before the story was released, but it claims those corrections were ignored.

As part of the lawsuit, Binance has demanded a jury trial while requesting compensatory damages and legal fees. The amount remains undisclosed.