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Highlights
- Ben Armstrong and Jimmy Butler have agreed to settle a Binance lawsuit
- The complaints said the internet celebrities promoted the exchange illegally
- The trading platform has continued to operate as normal
Ben Armstrong, the internet personality who gained popularity as “BitBoy Crypto,” has agreed to settle a Binance-linked Class Action lawsuit. The agreement also involved NBA Superstar Jimmy Butler, who will pay $340,000 in total as part of the settlement.
The BitBoy and Binance Deal
According to a Bloomberg report, the settlement deal has yet to gain the court’s approval. The suit dates back to March 2023, as some aggrieved investors accused BitBoy and Jimmy Butler of promoting Binance. The complainants claim that both personalities unlawfully promoted the trading platform.
Both entities did not deny getting paid or receiving commissions from Binance to serve as influences. However, they refuted claims of causing harm to the crypto exchange’s customers.
As part of the complaints, cryptocurrencies like BNB and BUSD got tagged as securities. It is worth noting that this class action lawsuit came only a few days before the United States Securities and Exchange Commission (SEC) sued the exchange over unregistered securities. The Commission levied several charges against the crypto exchange including an attempt to evade the securities law.
In addition, the securities regulator accused Binance of deceiving US customers and operating in the region illegally. Last year, Changpeng Zhao who is also one of the defendants in the BitBoy case, pleaded guilty to the charges levied against him and also resigned from his CEO position in the company.
In the meantime, BitBoy and Butler have to wait for the court’s approval for the settlement.
Binance Defies Lawsuit and Conduct In-house Restructuring
Despite the lawsuit involving Binance, the trading platform has maintained its sustained business operations. As reported earlier, the trading platform announced it will remove nine altcoin trading pairs in an in-house clean-up. ARKM/TUSD, CHZ/EUR, ENA/EUR, FIRO/BTC, IOTA/FDUSD, JOE/TRY, OMNI/BNB, REZ/BNB, and SUPER/FDUSD are the affected trading pairs.
Before this removal, the exchange launched trading pairs and trading bot services for Dogecoin (DOGE), AAVE, NEAR, and Polygon (MATIC).
On Tuesday, Binance announced Dogs (DOGS) as the 57th project on its launchpool, marking a significant push for the Ton-based memecoin. For a start, Dogs will first be listed on the digital asset exchange with trades projected to resume on August 26.
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