A group of lawyers has filed a $1bn civil lawsuit against cryptocurrency exchange Binance, its CEO Changpeng Zhao, and several celebrities and influencers, including NBA player Jimmy Butler.
The legal action was initiated following a year-long investigation by The Moskowitz Law Firm and Boies Schiller Flexner, during which it was claimed that Binance had publicised unregistered securities and that celebrities had been paid to do so. The lawsuit cites YouTubers Ben Armstrong, known as BitBoy Crypto, and Graham Stephan as defendants accused of receiving kickbacks for getting people to sign up to Binance.
The legal action follows a separate lawsuit filed by the Commodity Futures Trading Commission against Binance, which accuses the company of breaches of derivatives and trading regulations.
(By Mat Di Salvo)
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