Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
Counsel responsible for this advertisement includes The Moskowitz Law Firm
Licensed in Florida
Binance securities violations: Who’s affected?
Did you make a trade on Binance? Are you willing to be a plaintiff in a class action lawsuit?
For the last six months, attorneys have been investigating Binance — one of the world’s largest trading platforms — for alleged violations of state and federal securities laws. According to these lawyers, Binance may have traded in unregistered tokens, stablecoins and other unauthorized coins. Based on these allegations, Binance traders may have a right to damages.
In late March 2023, the Commodity Futures Trading Commission, or CFTC, also took legal action against Binance for trading unregistered tokens. According to the regulator, Binance knowingly circumvented regulations by selling unregistered crypto derivatives.
Do you qualify?
If you traded with Binance, regardless of the size of the trade, type of trade or VIP status, you may be eligible to participate in this Binance unregistered tokens class action lawsuit investigation, especially if you are a resident of Florida.
Fill out the form on this page for more information.
Binance crypto trading: overview
Binance is an online cryptocurrency trading platform that allows users to trade more than 350 cryptocurrencies including Bitcoin, Ethereum and its very own Binance Coin. According to the platform’s website, Binance boasts an average daily trade volume of $65 billion and facilitated 300 billion spot transactions in 2022.
Binance offers a VIP program that gives additional benefits to traders who have more than 25 Binance Coins in any Binance wallet and trade over a certain threshold during a 30-day period. There are four levels of Binance VIP: Trader VIP, Holder VIP, Investor VIP and Borrower VIP. These members enjoy reduced fees, lower interest rates, higher borrowing limits and other benefits.
Binance unregistered tokens
In February 2023, the U.S. Securities and Exchange Commission (SEC) reportedly told Binance that its stablecoin Binance USD should have been registered as a security under federal regulations. Binance USD is backed by traditional cash and U.S. Treasury bills which the SEC argues makes it an unregistered security.
According to Reuters, the SEC was considering taking legal action against Binance for the alleged unregistered tokens. Paxos Trust Company, the firm behind Binance USD, refuted claims that the stablecoin is a security and said it was “prepared to vigorously litigate if necessary.”
Paxos ceased issuing Binance USD tokens on Feb. 21 following action from the New York Department of Financial Services (NYDFS). However, the firm says it will support this stable coin and allow onboarded customers the opportunity to redeem their assets through “at least February 2024.”
CFTC v. Binance
On March 27, 2023, the Commodity Futures Trading Commission (CFTC) sued Binance, alleging that the crypto trader violated U.S. trading laws by trading unregistered crypto derivatives. The regulator also claimed that Binance coached its employees and VIP members on how to circumvent regulations and compliance controls to maximize their profits.
“For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance,” CFTC Chairman Rostin Behnam said in a statement. “This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. law.”
Join a Binance class action lawsuit investigation
Attorneys are interested in speaking to Binance traders, especially those in Florida, about their experiences, regardless of the size or types of their trades and whether they were VIP members. Binance traders may be eligible to file a claim for damages under state and federal securities laws.
If you traded with Binance, you may be eligible to participate in this Binance unregistered tokens class action lawsuit investigation.
Fill out the form on this page for a FREE case evaluation.
See If You Qualify
Join a Binance lawsuit investigation
By submitting your information, you agree to receive communications from Top Class Actions and to be contacted by an attorney or law firm or their agents to discuss the details of your potential case at no charge to you if you qualify.
After you fill out the form, the attorneys who work with Top Class Actions may contact you to discuss your legal rights.
ATTORNEY ADVERTISING
The choice of a lawyer is an important decision and should not be based solely on advertisements.
Counsel responsible for this advertisement includes:
The Moskowitz Law Firm (305 740-1423)
PAID ATTORNEY ADVERTISEMENT: THIS WEB PAGE IS AN ADVERTISEMENT AND THE PARTICIPATING ATTORNEY(S) ARE INCLUDED BECAUSE THEY PAY AN ADVERTISING FEE. Top Class Actions is not a law firm, lawyer referral service, or prepaid legal services plan. We do not endorse or recommend any third-party claims processing company, lawyer, or law firm who participates in the network. We do not make any representation, and have not made any judgment, as to the qualifications, expertise, or credentials of any participating lawyer or processing group. No representation is made that the quality of the legal services or claims processing to be performed is greater than the quality of legal services or claims processing performed by other lawyers or claims processing group. The information contained herein is not legal advice. Any information you submit to Top Class Actions does not create an attorney-client relationship and may not be protected by attorney-client privilege because Top Class Actions is not a law firm. Instead, your information will be forwarded to an attorney(s) or their agent(s) or a claims processing firm for the purpose of a confidential review and potential representation if you qualify. You will only be contacted by an attorney(s) or their agent(s) in response to your inquiry if your initial information appears to qualify you for representation. If you are not contacted by an attorney(s) or their agent(s) within one week, you should consult another firm since all legal claims are subject to filing deadlines. All photos on this website are stock art and do not depict clients.
Counsel responsible for this advertisement includes The Moskowitz Law Firm
Licensed in Florida