Binance, along with its US-based counterpart operator BAM Trading, is facing a class-action lawsuit filed by law firm Silver Miller and co-counsel Kopelowitz Ostrow. The lawsuit alleges that Binance profited from transactions involving stolen cryptocurrency and enabled money laundering by neglecting to establish security measures to verify the lawful ownership of cryptocurrency held in Binance accounts.
The primary plaintiff, a New York resident, alleges that he lost over $1 million worth of Bitcoin and Ethereum from his Coinbase account, which were subsequently deposited in Binance without undergoing the necessary Know Your Customer (KYC) procedures. The lawsuit seeks compensation for the plaintiff and other class members, as well as investigating the potential laundering of stolen crypto through Binance.
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