Cryptocurrency
Legal Settlement in Crypto Promotion Lawsuit
Thursday. August 22 at 3:00 PM
1 min. readNBA star Jimmy Butler and crypto YouTuber Ben Armstrong, also known as 'BitBoy,' have agreed to collectively pay $340,000 to settle a class-action lawsuit accusing them of promoting Binance, which allegedly sold unregistered securities. The settlement, subject to preliminary approval by a Miami federal judge, aims to resolve a lawsuit ongoing since March 2023. Butler would pay $300,000, asserting his innocence and expecting absolution if litigated. Armstrong would pay $40,000, also denying any wrongdoing. The lawsuit, involving Binance, its former CEO Changpeng Zhao, and others, alleges the sale of unregistered securities. The Moskowitz Law Firm, leading the suit, emphasized accountability for all promoters. The settlement class may include millions of Binance users. The lawsuit highlights the risks associated with crypto promotions and the need for legal compliance in the industry.