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Binance US Is Being Sued For Selling LUNA And UST Tokens

June 13, 2022
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Bitcoin On CEX Hits Lowest Level Since 2018

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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
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Doodles vs. Goblintown: A Tale of Two Ethereum NFT Parties

Doodles vs. Goblintown: A Tale of Two Ethereum NFT Parties

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What Is Altcoin? Top Altcoins Everyone Knowed

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The Best NFT Marketing Strategies You Should Know

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June 26, 2022
Bitget Intends To Quadruple Its Personnel To 1,000 Over The Following Six Months

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Bitcoin On CEX Hits Lowest Level Since 2018

Bitcoin On CEX Hits Lowest Level Since 2018

June 26, 2022

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  • bitcoinBitcoin(BTC)$21,429.001.25%
  • ethereumEthereum(ETH)$1,230.892.66%
  • tetherTether(USDT)$1.00-0.12%
  • cardanoCardano(ADA)$0.515.06%
  • SolanaSolana(SOL)$40.881.34%
  • dogecoinDogecoin(DOGE)$0.07416211.36%
  • tronTRON(TRX)$0.0648340.61%
  • FTXFTX(FTT)$28.062.06%
  • cosmosCosmos Hub(ATOM)$8.503.81%
  • Axie InfinityAxie Infinity(AXS)$17.470.25%
  • FantomFantom(FTM)$0.3097045.68%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.37%
  • LINKLINK(LN)$37.953.35%