Binance Faces New $1 Billion Lawsuit, Big Eyes Coin Raises Close To $33 Million
Binance now has something in common with FTX: the crypto exchange is being sued by a veteran law firm for $1 billion. Moskowitz Law Firm filed a complaint against Binance, the CEO of Binance, and prominent influencers, including NBA star Jimmy Butler. Attorney Adam Moskowitz leads the lawsuit. The complaint was filed on Friday in Florida.
Similar to the previous two lawsuits filed against FTX and Voyager Digital, the law firm focuses on a set of state laws in Florida called the “Blue Sky Laws”. These rules are state-level fraud securities regulations created to protect investors and consumers. Industry peers are paying close attention to the outcome of this case, especially where it concerns the outcome of the FTX lawsuit.
In the U.S., crypto has yet to be traded under any national exchange. This opens the possibility of companies trading the asset class being prosecuted under state-level regulations, adding a new set of possible securities complaints to be filed. The lawsuit has been filed on behalf of three plaintiffs for now, but the case could potentially erupt into a class action lawsuit representing millions of people.
On other fronts, Binance is being sued by the CFTC or the Commodities Future Trading Commission.
The case led by the government institution alleges that Americans have been trading through the world’s largest crypto platform, something the company is not licensed to do yet.
The Department of Justice is also investigating Binance and its Founder.
Moskowitz’s case against the crypto exchange and Changpeng Zhao is adopting an approach similar to its litigation against other crypto firms. In the FTX fallout, promoters, including Kevin O Leary and Thomas Brady, were pulled up.
Binance is the world’s largest crypto exchange and controls 70% of the market. According to the exchange, the company was founded in 2017 and operates with 8,000 employees in multiple locations, including the Americas, the Middle East, Europe, Africa, and the Asia Pacific.
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Disclaimer : The above is a sponsored article and the views expressed are those of the sponsor/author and do not represent the stand and views of The Tribune editorial in any manner.
