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Binance US Is Being Sued For Selling LUNA And UST Tokens

June 13, 2022
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Binance Requires WazirX To Withdraw All User Funds From The Exchange

Binance Acquires Majority Of Gopax Korea Shares With $1B Industry Recovery Fund

On behalf of investors, a class-action complaint has been filed against Binance US, the American branch of the global crypto exchange Binance, in connection with the Terra ecosystem’s collapse.

Binance US Is Being Sued For Selling LUNA And UST Tokens
Binance US Is Being Sued For Selling LUNA And UST Tokens

Here is the filinghttps://t.co/ZAJ8ZRs9iW

— FatMan (@FatManTerra) June 13, 2022

Binance US has been named in a class action lawsuit

Binance US Is Being Sued For Selling LUNA And UST Tokens
Binance US Is Being Sued For Selling LUNA And UST Tokens

Binance US has been accused of misleading investors by offering unregistered securities in a class-action lawsuit filed in North California on Monday. The 72-page lawsuit claims that the cryptocurrency exchange sold Terra’s UST stablecoin despite not being registered as a broker-dealer, a breach of US securities regulations, according to the lawsuit.

The lawsuit also alleges that the business model of BinanceUS is “premised on illegally enabling the sale of unregistered securities to as many US investors as possible, as often as possible.”

The suit marks the first major US-based court case, which was filed by American law firm Roche Freedman LLP. Kyle Roche, a named partner at the law firm later tweeted:

“If you purchased $LUNA or $UST on either @coinbase @krakenfx @binance or @Gemini, please reach out to [email protected] My firm is coordinating an effort to help those who lost funds from the recent collapse of terra and luna.”

If you purchased $LUNA or $UST on either @coinbase @krakenfx @binance or @Gemini, please reach out to [email protected] . My firm is coordinating an effort to help those who lost funds from the recent collapse of #terra and #luna.

— Kyle Roche (@KyleWRoche) May 13, 2022

Terra ecosystem’s death spiral

Binance US Is Being Sued For Selling LUNA And UST Tokens
Binance US Is Being Sued For Selling LUNA And UST Tokens

The move follows the death spiral of UST, Terra’s algorithmic stablecoin, which nearly overnight wiped more than $40 billion in market value.

Terraform Labs CEO Do Kwon has since attempted to make up for lost monies by airdropping Luna 2.0 to holders.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Tags: Binancebinance usexchange BinanceLawsuitSelling LUNATerra EcosystemTerra ecosystem's collapseUST Tokens
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Contents

  • Binance US has been named in a class action lawsuit
  • Terra ecosystem’s death spiral
  • Stronghold Digital Mining Posts Prospectus For Share Sale While It Works To Conserve Money

    Stronghold Digital Mining Posts Prospectus For Share Sale While It Works To Conserve Money

    141 shares
    Share 56 Tweet 35
  • Terra Classic Adopts New Proposal To “Re-Peg USTC With LUNC,” USTC Soars 30%

    120 shares
    Share 48 Tweet 30
  • Nearly 70% Of Dogecoin Holders Are Profitable While Most Shiba Inu Holders In Loss

    97 shares
    Share 39 Tweet 24
  • Solana DeFi Everlend Finance Terminates Its App Due To Lack Of Money

    142 shares
    Share 57 Tweet 36
  • ImmutableX Announcing Watch To Earn (W2E) As Its Whale Holdings IMX Tokens Gains 58%

    99 shares
    Share 40 Tweet 25
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February 4, 2023
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February 4, 2023
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February 4, 2023
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