Binance Class Action
In an effort to help investors recover losses due to the recent collapse of UST/Luna, Freedman Normand Friedland LLP filed a class-action lawsuit against Binance US in federal court in San Francisco. You can view the class action complaint, as well as a recent article published in the New York Times about the litigation below.
As an early supporter of and investor in Terraform Labs (TFL), which created and controlled UST/Luna, Binance was intimately familiar with UST/Luna. The class-action lawsuit alleges that Binance US falsely advertised UST as “safe” and “fiat-backed,” and failed to disclose that UST was and is in fact a security, and that Binance US is selling securities, even though there is not registration statement in effect for them and Binance US itself has refused to register with the U.S. Securities and Exchange Commission (SEC) either as a securities exchange or as a broker-dealer. The lawsuit alleges that Binance US’s failure to comply with the securities laws critically enabled bad actors like TFL to harm investors. The lawsuit brings suit under federal and state securities laws based on this alleged misconduct.
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