![]() Tibor Nagy, one of the attorneys representing the plaintiffs in today’s suit, believes centralized exchanges such as Binance and Coinbase played a critical role in spreading the damage of Terra’s demise to average consumers. Although he was recently ordered to cooperate with an SEC investigation, no major lawsuit has yet been filed in the United States against Terra or Do Kwon,Ī lawyer familiar with the matter told Decrypt that the attorneys behind today’s suit went after Binance.US first because suing the centralized exchange posed the best immediate opportunity to recoup as much money as possible for investors wiped out by Terra’s crash.Īccording to the same source, the firms representing the plaintiffs in the Binance suit-New York-based Roche Freedman and Dontzin Nagy & Fleissig-plan to bring a similar lawsuit against Terra, and to enter arbitration with other centralized exchanges that sold UST and LUNA, including Coinbase. South Korean prosecutors are investigating Terra's beleaguered co-founder, Do Kwon, for any potential misconduct regarding UST and LUNA’s crash. Last week, a report revealed that the SEC is currently investigating whether Terra violated federal investor-protection regulations in creating UST and overseeing its collapse. ![]() That same bill would also prohibit the sale of stablecoins lacking a 100% cash reserve, like UST. Last week, a bipartisan Senate bill proposed ending the SEC’s oversight over the top 200 most valuable cryptocurrencies, and transferring that jurisdiction to the federal government’s commodities watchdog, the Commodities Future Trading Commision (CFTC). ![]() government considers to be securities is still an open one. The question of which cryptocurrencies the U.S. investors as possible, as often as possible,” reads the complaint.ĭecrypt reached out Binance.US for comment, but did not hear back by time of writing. “Binance U.S.’s business model is premised on illegally enabling the sales of unregistered securities to as many U.S. Keep your crypto as safe as possible on #Binance ⬇️ Īccording to the suit, Binance’s failure to disclose UST and LUNA’s risks to potential investors was not incidental, but intentional and fundamental to Binance’s long-term strategy.
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