Recently, the cryptocurrency market has been heavily regulated, leading to massive lawsuits, and this time, famous NBA star Jimmy Butler is in the spotlight.
Just a week after US regulators accused Binance of trying to circumvent trading rules, a new scandal has occurred. Binance CEO Changpeng Zhao and other influencers, including American Miami Heat basketball player Jimmy Butler received a lawsuit in the amount of $1 billion for advertising unregistered securities.
As a reminder, last year, the famous Florida basketball player Jimmy Butler took part in Binance’s advertising campaign to get people to learn and explore cryptocurrency on their own to increase their financial freedom.
According to the Fortune report, this happened on Friday, March 31. In their lawsuit, the Moskowitz Law Firm and Boies Schiller Flexner LLP claim that Binance paid several influencers to promote crypto assets without proper legal registration. Now lawyers demand the Binance company and all people involved to pay damages in the amount of 1 billion dollars and continue to insist that the firm is in violation of trade rules.
It seems that US legislation has taken the regulation of cryptocurrencies seriously and only is gaining momentum. Let’s remember that Moskowitz’s founder and managing partner, Adam Moskowitz, has been investigating this case for over a year. As for the latest lawsuit, he says, “investigation revealed that Binance is also selling unregistered securities and thus needs to be held accountable. Each and every promoter of these unregistered securities, including Miami Heat star Jimmy Butler, will be held responsible. We will not stop until every crypto victim is made whole”.
After all, by promoting the illegal assets of the Binance crypto platform, Jimmy Butler is fully responsible for his actions and may be held legally liable. Long story short, everyone understands that this lawsuit can definitely have a negative impact on the famous basketball player’s career and cause a lot of problems for him.
Speaking of a lawsuit, it is known that the plaintiffs in the case are three residents of Florida and California. The defendants for this time are Binance CEO, Changpeng Zhao, and three celebrities: NBA player Jimmy Butler and crypto bloggers Ben Armstrong and Graham Stephan. But according to Moskovits, it’s all not over yet, and other persons are expected to be added to the lawsuit soon.
Despite the lawsuit against Binance and Jimmy Butler, cryptocurrencies still remain an exciting and promising market for investors. However, it is crucial to understand that investing in cryptocurrencies involves high risks, and you must be prepared for potential losses. More importantly, when working with crypto exchanges, it is necessary to observe security measures to minimize the risk of losing funds.
Stay tuned for more as we keep an eye on the overall Jimmy Butler and Binance company lawsuit situation. Follow Best Sports Betting Florida for any further developments of this event and other sports-related news.