Lawsuit
SEC and Binance Clash Over Evidence Production & Witness Depositions
U.S. Securities and Exchange Commission (SEC) and Binance continue to clash over evidence production and witness depositions in the regulator’s lawsuit against the leading cryptocurrency exchange. According to a joint status report submitted on Jan. 25, the regulator claims that BAM Trading Services Inc., the parent corporation of Binance.US, has not fully complied with its […]
Cristiano Ronaldo Sued For Promoting Binance
Pro-soccer star Cristiano Ronaldo is facing a proposed class-action lawsuit from plaintiffs claiming they suffered financial losses due to Ronaldo’s involvement in promoting the crypto exchange Binance, which is currently facing legal issues. A Nov. 27 filing to a United States district court in Florida claimed that Ronaldo aided in the promotion and sale of […]
SEC Asks Judge To Deny Coinbase’s Motion To Dismiss Lawsuit
On October 3, the US Securities and Exchange Commission (SEC) filed a petition with a New York District Court, asking the court to reject Coinbase’s motion to dismiss the lawsuit. The regulator stated that some of the crypto assets listed on the exchange qualify as investment contracts under the Howey Test. As a result, these […]
US Court Rejects SEC’s Request To Access Binance.US Software
A US federal judge has rejected the Securities and Exchange Commission’s request for access to Binance.US’s software and other documentation, Bloomberg reported on Sept.18. The SEC filed a lawsuit against Binance.US in June, claiming the company was operating unlawfully and mishandling customer funds. On Sept. 18, the regulatory authority again filed a request, alleging insufficient […]
Binance.US CEO Steps Down, Crypto Exchange To Cut One-third Of Workforce
Brian Shroder, the Chief Executive Officer of Binance.US, has left the crypto trading platform. According to the company spokesperson, chief legal officer Norman Reed will serve as his interim replacement. Besides this departure, Binance.US is slashing one-third of its workforce — or 100 positions. The move comes as the company faces difficulties, including a lawsuit […]
FTX Sues LayerZero Labs To Recover Over $21 Million Transferred On Eve Of Bankruptcy
Bankrupt crypto exchange FTX has taken legal action against its former partner, LayerZero Labs, a blockchain infrastructure company, to recover $21 million in funds that were allegedly illegally withdrawn before FTX’s closure in November last year. According to court documents filed on Sept. 9, the exchange accused LayerZero Labs of wrongdoing related to transactions between […]