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.
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.
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