Top Crypto Firms Including Binance, Civic, Tron Targeted in Flood of Lawsuits
First reported by Offshore Alert, at least 10 complaints were filed in the Southern District of New York on April 3, alleging that the firms had sold crypto tokens to U.S. investors that were in fact unregistered securities. Among those targeted in the suits are cryptocurrency exchanges Binance (see complaint) and BitMEX operator HDR Global Trading, as well as notable blockchain projects like Tron (see complaint), Civic, Block.One, Kyber Network and Status.
The complaint against Binance states: "Binance and the Issuers wrongfully engaged in millions of transactions—including the solicitation, offer, and sale of securities—without registering the Tokens as securities, and without Binance registering with the SEC as an exchange or broker-dealer. In making their case, the plaintiffs raise the U.S. Securities and Exchange Commission's action against EOS maker Block.One over its over $4 billion ICO in 2018.