More than two years after suing the legendary US-based business publication Forbes for defamation, Binance, one of the world's top cryptocurrency and blockchain infrastructure providers, is making a $200 million investment in the business publisher Forbes.
A representative for Binance stated that Forbes' editorial independence would remain "sacrosanct and completely independent from Binance" following the acquisition.
Binance filed a lawsuit against Forbes and two of its writers in November 2020, following the publication of an article in which it was stated that Binance "planned of a complex organizational structure meant to deliberately mislead regulators."
A spokesperson for the bitcoin exchange claimed that the story was "false, deceptive, and very defamatory," and that it had caused the company millions of dollars in losses. Binance withdrew its case against the exchange in February of last year.
Forbes magazine, which initially published its first issue in 1917, is famed for its billionaires list, which includes Changpeng Zhao, the chief executive and creator of cryptocurrency exchange Binance, whose net worth is estimated by the magazine to be $1.9 billion.
Following the completion of the transaction, two top Binance executives - Patrick Hillmann, the company's chief communications officer, and Bill Chin, the company's head of venture capital - will join the Forbes board of directors as new members.
By fLEXI tEAM