BinanceUS Gets Sued Over Selling LUNA and UST

A class-action lawsuit has been filed against BinanceUS, the American arm of the global crypto exchange Binance on behalf of investors in connection to the collapse of the Terra ecosystem. Class Action Filed Against BinanceUS In a class-action lawsuit filed on Monday in North California, BinanceUS has been accused of misleading investors by selling unregistered securities. The 72-page lawsuit accuses the cryptocurrency exchange of selling Terra’s UST stablecoin despite the fact it is not registered as a broker-dealer, which, it says, is a violation of US securities laws. 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 (@KyleWRo...