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News

Miami Heat Jimmy Butler and Ben Armstrong Agree to Pay $340,000 to Settle Binance Lawsuit

24 mins ago - Around 2 mins mins to read

Key Points:

  • Miami Heat Jimmy Butler and YouTube influencer Ben Armstrong have agreed to pay $340,000 to resolve claims they misled customers into buying unregistered Binance securities.
  • The lawsuit, filed last year, also targeted Binance and its co-founder Changpeng Zhao, alleging they promoted unregistered cryptocurrencies and tokens.
According to Bloomberg, Miami Heat Jimmy Butler and YouTuber Ben Armstrong agreed to a $340,000 settlement for touting unregistered securities to millions of their followers on Binance.
Miami Heat Jimmy Butler and Ben Armstrong Agree to Pay $340,000 to Settle Binance Lawsuit

Read more: Binance France Replaces Changpeng Zhao With New Shareholders Holding 50% Shares

Binance Lawsuit Settled by Miami Heat Jimmy Butler and Ben Armstrong for $340,000

Class representative lawyers asked a federal judge in Miami to sign off on the agreement Monday, which had been reached after months of serious talks aided by a mediator. The judge has scheduled a hearing to give the affected buyers an opportunity to object to the deal before sealing it off.

The lawsuit, filed last year, also named Binance and its co-founder Changpeng Zhao as defendants. According to the lawsuit, Miami Heat Jimmy Butler and Ben Armstrong, known as BitBoy Crypto, together with a crypto exchange, touted certain cryptocurrencies and tokens as unregistered securities in violation of US law, including Binance’s BNB token.

Settlement Reached with High-Profile Defendants

The case had previously been settled with the US government over anti-money laundering and sanctions violations, as well as the ability for Binance to stay in business under the terms.

Attorney for Armstrong, Darren Heitner, confirmed the settlement but wouldn’t comment further. Armstrong and Butler have denied wrongdoing in the case.

The Binance lawsuit follows a similar case where a federal judge ruled that ex-NBA star Shaquille O’Neal might be considered a seller of non-fungible tokens if allegations relating to their collapse are proven true.

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.

Ben Armstrong

Binance

BitBoy Crypto

Changpeng Zhao

CZ

Jimmy Butler

Miami Heat

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Miami Heat Jimmy Butler and Ben Armstrong Agree to Pay $340,000 to Settle Binance Lawsuit

Key Points:

  • Miami Heat Jimmy Butler and YouTube influencer Ben Armstrong have agreed to pay $340,000 to resolve claims they misled customers into buying unregistered Binance securities.
  • The lawsuit, filed last year, also targeted Binance and its co-founder Changpeng Zhao, alleging they promoted unregistered cryptocurrencies and tokens.
According to Bloomberg, Miami Heat Jimmy Butler and YouTuber Ben Armstrong agreed to a $340,000 settlement for touting unregistered securities to millions of their followers on Binance.
Miami Heat Jimmy Butler and Ben Armstrong Agree to Pay $340,000 to Settle Binance Lawsuit

Read more: Binance France Replaces Changpeng Zhao With New Shareholders Holding 50% Shares

Binance Lawsuit Settled by Miami Heat Jimmy Butler and Ben Armstrong for $340,000

Class representative lawyers asked a federal judge in Miami to sign off on the agreement Monday, which had been reached after months of serious talks aided by a mediator. The judge has scheduled a hearing to give the affected buyers an opportunity to object to the deal before sealing it off.

The lawsuit, filed last year, also named Binance and its co-founder Changpeng Zhao as defendants. According to the lawsuit, Miami Heat Jimmy Butler and Ben Armstrong, known as BitBoy Crypto, together with a crypto exchange, touted certain cryptocurrencies and tokens as unregistered securities in violation of US law, including Binance’s BNB token.

Settlement Reached with High-Profile Defendants

The case had previously been settled with the US government over anti-money laundering and sanctions violations, as well as the ability for Binance to stay in business under the terms.

Attorney for Armstrong, Darren Heitner, confirmed the settlement but wouldn’t comment further. Armstrong and Butler have denied wrongdoing in the case.

The Binance lawsuit follows a similar case where a federal judge ruled that ex-NBA star Shaquille O’Neal might be considered a seller of non-fungible tokens if allegations relating to their collapse are proven true.

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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