Binance Holding, one of the largest cryptocurrency exchange company, has sued Forbes to court over an alleged defamatory story.

Earlier in October, Forbes published a story allegedly revealing a strategy by Binance to bypass Bitcoin regulations and the U.S financial regulators. The story was written by Forbes journalists, Michael del Castillo and Jason Brett.

Binance, represented by a U.S attorney, Charles Harder has filed a lawsuit against Forbes in a U.S. District Court of New Jersey denying the allegations, that the article published under the title “Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators” was false and defamatory.

According to the defamation suit filed by Binance, “the story contains numerous false, misleading and defamatory statements about Binance.” This, according to the complaint has resulted in material damages running into millions of dollars.

Binance asserted that, because it did not get a response for the letter it sent to Forbes demanding a retraction of the story and an apology, it is going ahead with the case.

Binance has denied that it created the “Tai Chi” document which formed the basis of the story published by Forbes, and has never executed the scheme reported in it. It further stated that Harry Zhou, the supposed author of the document, was never an employee of the company.

Bitcoin price is $17,993.82, price goes up  by 0.57% in 24 hours, at a market cap of $333.84 Image from Coin Desk

However, in its article, Forbes claimed that the leaked Tai Chi document is “believed to have been seen by senior Binance executives”, and the “Chief compliance officer Samuel Lim had previously sent an email to Forbes confirming that Zhou had been a Binance employee”

Forbes also claimed that it earlier reached out to Binance founder Changpeng Zhao, and its chief compliance officer Samuel Lim about the leaked document and did not receive a response to their questions.