The case also mirrors previous lawsuits Moskowitz Law and Bois Schiller have brought over the past year, including a class action suit against crypto exchange Voyager, and two class action suits against FTX. News of the suit comes a week after Binance was hit with a 74-page complaint from the Commodities Futures Trading Commission, which claims the crypto exchange attempted to evade financial regulation and trading rules using methods that included encouraging US customers to use VPNs and writing up fake anti-money laundering reports. "We've been investigating these same unregistered security issues against Binance for over year, Moskowitz Law's founder, Adam Moskowitz, told Fortune in a report published Saturday. The case was brought by three plaintiffs who all claimed to lose money from crypto that was promoted by Binance and its influencers, but the number of people affected by the crypto exchange's actions could be "in the millions," the complaint said. Moskowitz Law told Fortune it would continue to add other Binance influencers to the class action suit. The complaint names four influencers in particular who touted coins traded by Binance, including content creators Ben Armstrong and Graham Stephan, Miami Heat player Jimmy Butler, and Binance's CEO, Changpeng Zhao. The firms, which have previously partnered to deliver two class action suits against troubled crypto exchanges, are alleging that Binance was trading cryptocurrencies as unregistered securities, and influencers paid by the exchange were unlawfully touting the tokens on social media. The crypto exchange and several of its partners are now facing a $1 billion class action suit filed by Moskowitz Law Firm and Bois Schiller Flexner on Friday, Fortune reported. Binance and influencers associated with the cryptocurrency exchange have been named in a fresh class action lawsuit for unlawfully touting crypto, a week after regulators sued Binance for dodging trading rules.
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