Binance, CZ and NBA star Jimmy Butler are facing a $1 billion lawsuit over charges of marketing unregistered securities.
Binance and three big phenomena are being sued
Binance and its CEO, Changpeng “CZ” Zhao, have faced many challenges lately. Just four days after being the target of a lawsuit by the CFTC, it now faces a higher-profile legal challenge. cryptocoin.com As we have reported, the first CFTC lawsuit was filed on March 27.
In the second phase, Boies Schiller Flexner, hosted by Moscowitz Law Firm and attorney David Boies, launched a class action lawsuit against Binance late on the evening of March 31. The lawsuit specifically targets Binance.US, the US branch of Binance, its three major international organizations, CEO CZ, Miami Heat famous basketball player Jimmy Butler, and two other crypto phenoms.
The latest case is the same as the fundamental accusation that has been echoed by US officials. It has been suggested that several ambitious financial phenomena are marketing the stock market on social media for commercial benefit. Besides Butler, prominent crypto supporters Ben Armstrong, known as “BitBoy Crypto,” and Graham Stephan, who has 4 million subscribers on YouTube, are among the names mentioned in the official complaint. The report categorically claims that:
This is a classic example of a centralized exchange promoting the sale of an unregistered security.
Moscowitz’s past crypto dispute
As noted by leading media outlet Fortune, law firms had previously collaborated to bring a class action lawsuit against Voyager. Two lawsuits were also filed in connection with the collapse of FTX. The first of these recent attacks was aimed at celebrities working as high-paid brand ambassadors on the crypto exchange. These included comedians Larry David, basketball players Shaquille O’Neal and Steph Curry, and football icon Tom Brady.
In mid-March, Moscowitz Law and Boies Schiller filed suit against eight phenoms who were paid for defending FTX’s native token, FTT. The lawsuit argued that influencers were responsible for any loss suffered by clients due to their massive fan following due to their image as well-known figures in society.
How did the BNB price react to the news?
In light of these news, the price of Binance’s native cryptocurrency BNB has witnessed a slight drop in the last 24 hours and is currently trading in the $315 region.
For comparison, Bitcoin and Ethereum were moving sideways in the same time frame. BNB’s weekly gains are on the red side, with market leaders surging over 3% due to the heavy Fud news feed.
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