Crypto Exchange Binance, along with its CEO Changpeng Zhao, is facing a lawsuit for $1 billion filed by Moskowitz Law Firm. The suit, filed in Florida, includes prominent influencers like NBA star Jimmy Butler as defendants.
The lawsuit is based on the state-level securities regulations called the “Blue Sky Laws” in Florida, which are created to protect consumers and investors from fraud. Similar to lawsuits against FTX and Voyager Digital, the outcome of this case is being watched closely by industry peers.
While crypto is yet to be traded under a national exchange in the US, companies trading this asset class can be prosecuted under state-level regulations, which opens the possibility of new securities complaints. The case was filed on behalf of three plaintiffs, but it has the potential to become a class action lawsuit representing millions of people.
In addition to this lawsuit, Binance is also being sued by the Commodities Future Trading Commission (CFTC) for allowing Americans to trade through its platform without being licensed. The Department of Justice is also investigating Binance and its founder. Moskowitz Law Firm’s approach towards Binance and Changpeng Zhao is similar to its approach in other lawsuits against crypto firms. Promoters like Kevin O Leary and Thomas Brady were involved in the FTX fallout.
Binance is the world’s largest crypto exchange, with control over 70% of the market. The exchange was founded in 2017 and operates in multiple locations globally with over 8,000 employees. It is uncertain how these lawsuits will affect the exchange’s reputation and business.
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After purchasing Big Eyes Coin tokens, you can boost your returns even further by using the loot boxes feature. With a single purchase of this collectible, you can net up to 5000% in returns.
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Investors looking for an opportunity to profit while supporting a worthy cause can participate in the Big Eyes Coin presale.
Find out more about Big Eyes Coin (BIG):
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